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J. Cole To Become An Investor In The Charlotte Hornets
Multiplatinum rapper J. Cole is set to join an ownership group that’s buying the Charlotte Hornets, North Carolina’s NBA team. The former owner, Michael Jordan, has agreed to sell them to a party that includes the Carolina-based musician.
Gabe Plotkin, a part-owner of the Hornets, and equity manager Rick Schnall, formerly a minority owner of the Atlanta Hawks, are among other names set to complete the buyer’s roster.
Cole’s fondness for basketball is no secret. His involvement with the NBA spans various roles — from his presence on the cover of NBA 2K23 to his influence in the Miami Heat’s decision to sign Caleb Martin. He’s also stepped on the court himself, participating in the BAL, a collaboration between the NBA and FIBA. Adding ownership of the Hornets to his repertoire gives the award-winning artist another exciting reason to attend games.
Read the full release on https://t.co/BzkRIrrehy.
🔗 https://t.co/roYUH9ilgI pic.twitter.com/N17fYc0HBp
— Charlotte Hornets (@hornets) June 16, 2023
This new ownership group, led by Plotkin and Schnall, awaits approval by the NBA Board of Governors. Pending their nod, the pair will assume the roles of the Hornets’ administrator. Arguably the greatest basketball player of all time, Jordan will also remain involved with the team as a minority owner going forward.
Under Jordan’s leadership since 2010, the Hornets have had limited success, reaching the playoffs only twice. The franchise hopes that this change in ownership will usher in a new era of triumph.
The agreed-upon deal, valuing the Charlotte Hornets at an estimated $3 billion, represents a major step for J. Cole in his relationships with the Tar Heel State. Their involvement signals a fusion of sports and music, an ongoing trend that’s been gaining traction in recent years.
With both of their unique backgrounds and clear love for North Carolina, the new owners might just be the breath of fresh air the franchise needs.
Michael Jordan is selling his majority stake in the Charlotte Hornets to the Gabe Plotkin/Rick Schnall group for an approximate $3 billion valuation, league sources tell ESPN. pic.twitter.com/zDuhsg8mDE
— Adrian Wojnarowski (@wojespn) June 16, 2023