Jermaine Lamarr Cole, known professionally as J. Cole, has emerged as a minority owner of the National Basketball Association (NBA) outfit, Charlotte Hornets, following the NBA’s approval of Michael Jordan‘s sale for $3 Billion.
As reported by ESPN, the consortium led by millionaire Gabe Plotkin and Rick Schnall will purchase the franchise after a 29-1 vote, with only James Dolan, owner of New York Knicks, voting against the deal.
Michael Jordan, who purchased the side for a mere $275 million back in 2010, will no longer be the franchise owner after the NBA sealed the agreement. However, he will continue to own a small portion of the company alongside country music star Eric Church, Chris Shumway, Dan Sundheim, Ian Loring and Dyal HomeCourt Partners. Amy Levine Dawson and Damian Mills, two local investors from Charlotte, are additionally investing in the transaction.
The news that Cole will have a stake in the Charlotte squad was initially reported in June 2023. Jermaine, a native of North Carolina, signed a deal to get involved after Michael Jordan declared that he was preparing to sell his controlling ownership in the NBA franchise.
The press release mentioned, “Hornets Sports & Entertainment announced today that chairman Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets to a group led by Gabe Plotkin and Rick Schnall. As a part of the transaction, Jordan will retain a minority ownership share of the team. The transaction is subject to the approval of the NBA Board of Governors.”