Eric Church, J. Cole set to become part-owners of Charlotte Hornets amid $3B sale
Michael Jordan is selling the Charlotte Hornets, while keeping a minority stake in the franchise. A couple of famous musicians with ties to North Carolina are a part of a group that is purchasing the NBA team.
Rapper J. Cole and country star Eric Church are a part of a group led by Hornets minority owner Gabe Plotkin and Atlanta Hawks minority owner Rick Schnall that is purchasing the franchise. The Hornets are being sold under an approximately $3 billion valuation, according to a report from ESPN’s Adrian Wojnarowski.
J. Cole grew up in Fayetteville, North Carolina and played high school basketball. He has been very open about his love for basketball, and he has starred in the NBA All-Star Celebrity Game.
Eric Church was born in Granite Falls, North Carolina and has made it clear that he is a basketball fan and UNC Tar Heels fan. In fact, Church canceled a concert in 2020 in order to attend the North Carolina-Duke matchup in the Final 4.
“As a lifelong Carolina basketball fan, I’ve watched Carolina and Duke battle over the years but to have them matchup in the Final Four for the first time in history of the NCAA Tournament is any sports enthusiast’s dream,” Church wrote at the time, according to multiple reports. “It’s that same type of passion felt by the people who fill the seats at our concerts that makes us want to be part of a crowd at a game of this significance.”
Church and Cole will now be very involved in basketball and the NBA as part owners of the Hornets.
The 60-year-old Jordan first bought a minority stake in the franchise in 2006, before buying the majority stake in 2010. He paid $275 million for that stake in 2010. Jordan has been the only Black majority owner in the NBA.
Even though Jordan is selling the franchise, he will still be the figurehead leading Charlotte’s decision making during the NBA Draft and free agency.
Jordan is also the owner of the NASCAR team 23XI Racing.
The Hornets have been one of the least-successful franchises since it joined the NBA for the 2004-2005 season. Charlotte has made the playoffs only three times in 19 seasons.
The highest the team has ever finished in the Eastern Conference is sixth during the 2014-15 season when the team was 48-34, also the best record in franchise history. The Hornets lost in the playoffs in seven games to the Miami Heat.
In Charlotte’s previous two playoff appearances, it was swept both times.
Steve Clifford was re-hired as the team’s head coach ahead of last season after he was previously with the franchise from 2013-18. In his first season back with the team, Charlotte went 27-55 to finish with the second-worst record in the Eastern Conference.
Franchise star point guard LaMelo Ball played in only 36 games due to injuries, including a fractured right ankle that prematurely ended his season. Nineteen different players suited up for the franchise with 14 different players starting at least seven games during the season.
The Hornets have the No. 2 pick in the 2023 NBA Draft, which will be held next week. Charlotte is expected to be selecting between Alabama wing Brandon Miller and G League Ignite guard Scoot Henderson.