The North Carolina native is part of a group led by millionaire Gabe Plotkin and Rick Schnall that acquired the team in a 29-1 vote, with only the owner of the New York Knicks, James Dolan, voting against the transaction.

The completed sale of the team which was purchased at an approximate $3 billion valuation will be executed in the upcoming weeks, sources said.

“Hornets Sports & Entertainment announced 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 press release read. “As a 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.”

Cole performed during the 2019 NBA All-Star Game halftime show and has also grace the cover of NBA 2K23’s DREAMER Edition. Though his basketball career didn’t take off with the Africa’s Basketball League Rwanda’s Patriots he has successfully transitioned into the owner’s suit.