Soon after JAY-Z's purchase of a stake in the Nets, Nelly joined the rapper-turned-NBA-owner trend himself, becoming a part-owner of the Charlotte Bobcats in 2004. But the Nellyville rapper's stake in the game ended in 2010, when Michael Jordan became the new owner of the NBA expansion team, now called the Hornets.
Nelly began his career as a rapper in 1994 with the release of his debut album, Ooh Baby. The album included the hit song "Grillz," which sampled Ice Cube's "F--k Tha Police." Since then, Nelly has released five more albums and has had several songs go number one on the Billboard Hot 100. He has also appeared in movies and on television programs including Celebrity Fit Club and Sing Your Heart Out. In 2007, Forbes estimated Nelly's net worth at $75 million.
JAY-Z and Nelly aren't the only rappers to own an NBA team. The hip hop community is well known for its involvement in sports, especially basketball. Many musicians such as Dr. Dre, Snoop Dogg, and Tupac Shakur have owned or played for NBA teams.
In addition to Jay-Z and Nelly, other popular rappers who own NBA teams include 50 Cent, Lloyd Banks, Game, The Game, and Young Jeezy.
Of all the musicians who have owned or played for NBA teams, only JAY-Z remains today.
Jordan Jordan became the majority owner of the Charlotte Bobcats in March 2010, following four years as a member of the team's ownership group and Managing Member of Basketball Operations. Jordan is the first former NBA player to possess a controlling stake in an NBA team. The Bobcats have won only 35 games over the last three seasons.
He played nine seasons in the NBA for the Chicago Bulls, Seattle SuperSonics/Oklahoma City Thunder and Phoenix Suns. He was a six-time All-Star and the winner of the 2003 NBA Most Valuable Player Award.
After his playing career ended, Jordan turned his attention to business and investment banking, founding The Jordan Group in 2005. The company provides consulting services to sports organizations on a range of issues including business planning, marketing strategy, public relations, media relations and event management.
In April 2014, it was reported that Jordan was being considered for the position of President of Basketball Operations and General Manager of the Toronto Raptors. However, the job went to Dwane Casey instead. Later that year, it was announced that Jordan would be replacing Robert Sarver as majority owner of the Bobcats.
In March 2015, it was reported that Jordan was interested in becoming the president of basketball operations for the New York Knicks. However, the job went to Jeff Van Gundy instead.
In 2004-05, Robert Johnson of the Charlotte Bobcats (now known as the Charlotte Hornets) became the NBA's first black majority club owner. In 2010-11, another African American, Michael Jordan, took over as Bobcats owner. However, he did not purchase the team from its white former owner, Bill Veeck.
There have been other black people who have owned NBA teams in the past, but they were either minority shareholders or partners in partnerships with other owners. They include Willie Cauley-Stein and Mookie Blaylock of the Sacramento Kings, who both played for the team; and Ira Hargeott of the Washington Wizards, who was hired by the team after his friend John Wall was selected with the second overall pick in the 2011 NBA Draft.
Today, the Clippers' ownership group includes Steve Ballmer (Microsoft), Paul Allen (Nike), and Leslie Alexander (Alexander & Associates). The only other team not owned by a white individual is the Atlanta Hawks, which are controlled by an organization called the Hawks Holdings LLC. Its members include Al Kent and Dennis Wilson, who are black, and Tony Clark, who is white.
The Miami Heat franchise was originally owned by Edward DeBartolo Jr., who sold it to Alan Goldfarb and Seymour Glanzer in 1998.
Michael Jordan is the only former NBA player who is presently the primary owner of a franchise. (Jordan is the owner of the Charlotte Hornets.) Last season, James stated that he was "always sort of watching" Jordan's career as a businessman for inspiration, but stopped short of stating that he planned to own a franchise. However, in December 2010 it was reported that James had acquired an interest in the Miami Heat and could be on the verge of becoming a full-time owner.
The majority of current owners got there way through inheritance. The Chicago Bulls' original owner, William Wirtz, died at the age of 48 after having been diagnosed with tuberculosis. His wife, Carrie, didn't have any formal education and wasn't interested in running a business, so she gave all of their assets to her husband. Unfortunately, due to the large amount of debt that the company was under, most of the money went to pay off creditors rather than being used to help fight the disease. In 1992, William Wirtz Jr. took over management of the team along with some other family members. He eventually sold his share in 2005 to a group led by Jerry Reinsdorf for $333 million.
Reinsdorf also owns the Chicago White Sox baseball team. When asked about possibly selling one of the teams, Jerry said that he was not planning to sell either of them.
Michael Jordan has purchased the Charlotte Bobcats. The greatest NBA player in history has decided to sell his majority stake in the Charlotte Bobcats to the best NBA team. Michael Jordan became the first former NBA player to become a majority owner of an NBA team in 2010. He also is one of only three people who have won more than one NBA championship (the other two being Bill Russell and Kobe Bryant).
In February 2011, it was reported that Jordan had sold his share of the Bobcats to an investment group led by Dolan's family trust and attorney Bruce Ratner. The price tag on the deal was reported as $175 million, with the assumption that Jordan would receive four annual paychecks totaling $5 million for serving as chairman of the board.
It was also reported that Jordan had agreed to a contract extension with the New York Knicks that will make him one of their highest paid employees ever. The deal is expected to be announced later this year when it is confirmed that he will retire from playing basketball after this season.
So, Michael Jordan is now the owner of the Charlotte Bobcats. He is known for his legendary career in basketball where he dominated the game with his scoring skills and created many iconic moves that are still remembered today. During his illustrious career, Michael Jordan has won six NBA championships with the Chicago Bulls and two with the Washington Wizards.