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Michael Jordan sells Hornets stake for $3B, J. Cole Part Owner

June 19, 2023 | By Kali gIRL

NBA legend Michael Jordan is set to sell his majority ownership of the Charlotte Hornets, as sources reveal a deal with a group led by Gabe Plotkin and Rick Schnall, reports ESPN.

The sale is estimated at around $3 billion, marking the end of Jordan’s 13-year tenure as majority owner. Pending approval from the NBA, Plotkin and Schnall, both already associated with NBA teams as minority owners, will assume the role of governors for the franchise.

J. Cole also joins Charlotte Hornets ownership group as Michael Jordan sells majority stake, reports Hip Hop DX. The Fayetteville rapper is part of The Buyer Group, along with Eric Church, led by Gabe Plotkin and Rick Schnall. 

The new ownership group and J. Cole are set to revamp the Hornets after disappointing 27-55 season, infusing passion, energy, and a brand transformation.

Until the NBA draft on Thursday and the beginning of free agency on July 1, Jordan will maintain his responsibilities overseeing basketball operations.

After sealing the deal, Jordan will hold on to a minority stake, ensuring his continued presence within the franchise.

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