Rapper J. Cole is now a minority owner in the Charlotte Hornets after Michael Jordan sold his majority stake to a buyer group.
On June 16, 2023, J. Cole became a part of the buyer group led by Gabe Plotkin and Rick Schnall, according to NBA.com, which also includes Chris Shumway, Dan Sundheim, and Ian Loring.
As of 2023, according to Sportskeeda, the rapper has an estimated net worth of $60 million. In 2007, J. Cole founded Dreamville Records, and according to Dreamville’s website, the label keeps “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.”
ABC 11 reported that in 2022, Dreamville’s festival raked in $6.7 million in revenue.
However, J. Cole’s fortune is not solely from recorded music. In October 2020, Variety reported Dreamville formed Dreamville Ventures and Dreamville Studios, serving as subsidiaries of Dreamville. According to the outlet Dreamville Ventures is a multi-disciplinary media company, and Dreamville Studios is a content studio.
At the time, J. Cole said, “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 (HSE) will keep minority ownership of the Hornets, according to NBA.com, once the NBA’s Board of Governors finalizes the sale. The NBA legend purchased the team in 2010 for $275 million, when the team was known as the Bobcats, according to the Associated Press.
“In the same way that it’s wonderful that one of our greatest, Michael Jordan, could become the principal governor of a team, he has the absolute right to sell at the same time,” NBA Commissioner Adam Silver said. “Values have gone up a lot since he bought that team, so that is his decision.”
According to the AP, the Charlotte Hornets now has no Black majority ownership.