June 21st 2023.
Rapper J. Cole has become a minority owner in the Charlotte Hornets after Michael Jordan sold his majority stake to a buyer group. On June 16, 2023, J. Cole was welcomed into the group, which was led by Gabe Plotkin and Rick Schnall. It also included Chris Shumway, Dan Sundheim, and Ian Loring.
With an estimated net worth of $60 million, J. Cole is no stranger to success. Back in 2007, he founded Dreamville Records, which has kept "a pulse on [its] community while exploring new sounds, new visuals, and new ways to authentically and genuinely connect with all people around the world," according to Dreamville's website. To top it off, the Dreamville Festival raked in an impressive $6.7 million revenue in 2022.
In October 2020, Dreamville went a step further and created two subsidiaries: Dreamville Ventures and Dreamville Studios. Dreamville Ventures is a multi-disciplinary media company, while Dreamville Studios is a content studio. J. Cole expressed his enthusiasm for the expansion, saying, "Dreamville has always been a mom-and-pop operation with grand ambitions and ideas that extend far beyond music."
Michael Jordan, chairman of Hornets Sports & Entertainment, has retained a minority ownership of the Hornets. He purchased the team, then known as the Bobcats, in 2010 for $275 million, according to the Associated Press. In response to the sale, NBA Commissioner Adam Silver said, "Values have gone up a lot since he bought that team, so that is his decision." Unfortunately, the Charlotte Hornets now has no Black majority ownership.
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