Basketball legend Michael Jordan has reached an agreement to sell his majority stake in the Charlotte Hornets, marking the end of his 13-year tenure as the team’s majority owner. The sale, valued at approximately $3 billion, is led by a group of investors including renowned rapper J. Cole, adding an exciting twist to the deal.
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With Jordan retaining a minority stake and J. Cole joining as a partial owner, the Charlotte Hornets are set for a new era and has generated significant buzz in the sports and entertainment world. After 13 years of ownership, Jordan has decided to pass the torch to a group of investors led by Gabe Plotkin and Rick Schnall, with Eric Church also involved in the buyer group. The valuation of the transaction stands at an impressive $3 billion, highlighting the franchise’s growth under Jordan’s, who purchased his stake originally at $275 million.
The addition of J. Cole, who proudly represents North Carolina as a rapper and a dedicated basketball fan, brings a unique dynamic to the team ownership that merges the sports and entertainment world. J. Cole’s passion for the game is well-known, as he has performed at NBA All-Star events and Charlotte Hornets games.
While the exact date of the transaction has not been disclosed, the press release states that Jordan will continue to oversee basketball operations until the upcoming NBA draft and the commencement of free agency on July 1. Gabe Plotkin, the founder of Melvin Capital, and Rick Schnall, a co-president at Clayton, Dubilier & Rice, are expected to become the franchise’s governors, pending NBA vetting and approval.
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Written by Dorian Waller
Dorian Waller, a Mass Communications student at Prairie View A&M University, has discovered his passion for writing and curating journalistic stories. Hailing from Houston, Texas, he takes great pleasure in exploring topics such as basketball, diverse forms of comic book media, and the world of wrestling through both his writing and personal interests.
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