Michael Jordan has reached an agreement to sell his majority stake in the NBA team Charlotte Hornets.
Today (June 16), Hornets Sports and Entertainment reported that Jordan is selling the stake to “The Buyer Group,” which Gabe Plotkin and Rick Schnall led. According to the release, Plotkin acquired minority team ownership in 2019. He also owns a significant stake in the Atlanta Hawks, which Plotkin is in the process of selling.
Among “The Buying Group,” one name familiar to Americans is J. Cole, who will become part owner of the Hornets. The 38-year-old rapper was raised in Fayetteville, North Carolina. Over the years, he has also hosted his annual Dreamville Festival in the state. Although Cole is mainly known for his music, the “Work Out” songwriter has always displayed his admiration for basketball.
He told Sports Illustrated 10 years ago, “I was always in love with basketball as a kid, but I thought I was way better than I really was.” In 2021, Cole signed a three-to-six-game contract with the Rwanda Patriots of the African Basketball League. As REVOLT previously mentioned, Cole left the country for an unspecified “family obligation” after completing his contractual agreement.
Other members included in the deal are Chris Shumway, Dan Sundheim, Ian Loring, Dyal HomeCourt Partners, Eric Church, Amy Levine Dawson, and Damian Mills. With the agreement, Jordan ends his 13-year-run as the team’s majority owner.
“As part of the transaction, Jordan will retain a minority ownership share of the team,” the release continued. “The transaction is subject to the approval of the NBA Board of Governors. Along with the Hornets, HSE ownership includes the Greensboro Swarm (NBA G League) and Hornets Venom GT (NBA 2K League), as well as managing and operating Spectrum Center, each of which is included as part of the sale.”