J. Cole has become a minority owner in his home state NBA team, the Charlotte Hornets.

J. Cole Buys Stake in the NBA's Charlotte Hornets

On Friday (June 16), the Charlotte Hornets announced that Michael Jordan has agreed to sell his majority stake in the team for a reported $3 billion.

"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," the Hornets announced in a statement on Twitter. "As 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."

The ownership group, known as the Buyers Group, consists of investors Gabe Plotkin and Rick Schnall, as well as North Carolina's own J. Cole, country music singer-songwriter Eric Church and several local investors.

Read More: J. Cole Signs Deal to Play in Canadian Basketball League 

Rappers Who Have Owned NBA Teams

J. Cole joins a short list of rappers who have invested in professional sports teams. Jay-Z bought a minority stake in the New Jersey Nets in 2004. Hov sold his shares in the team to former NBA player Jason Kidd in 2013 after forming Roc Nation Sports. In 2004, Nelly bought into the then Charlotte Bobcats.

Will Smith and his wife Jada Pinkett Smith bought a minority stake in the Philadelphia 76ers in 2011. In 2019, 2 Chainz became a minority owner in the Atlanta Hawks' G-League team, the College Park Skyhawks. Ice Cube owns his own basketball league in The Big 3. Diddy's Revolt owns The Crew League celebrity basketball league.

Read More: Ice Cube Calls Out NBA for Using His Basketball League's Rule in All-Star Game

See Rappers' Other Streams of Income

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