Nelly has become a part-owner of the Charlotte Bobcats, a National Basketball Association expansion team.

Nelly has become a part-owner of the Charlotte Bobcats, a National Basketball Association expansion team.

"This is a great opportunity for both the Bobcats and Nelly," Robert L. Johnson, the team's majority owner and the founder of Black Entertainment Television (BET), says in a statement. "Nelly is a great entertainer and a smart businessman and those two traits will serve us well as we prepare to tipoff our inaugural season this fall."

Financial terms of the deal were not disclosed.

Nelly, whose real name is Cornell Haynes Jr., joins an ownership group that includes former NBA player and executive M.L. Carr; Felix Sabates, owner of NASCAR auto racing teams, and Hugh McColl Jr., former CEO of Bank of America.

"Of the many dreams that I have fulfilled in life, being an NBA owner is certainly one of the biggest achievements," Nelly says in the statement. "To be able to make this move with Bob Johnson and to be a part of the first-ever minority owned professional sports franchise in history is a great opportunity.

"Bob and I share the same commitment to diversity and we are both self-made, having worked up from the very bottom to reach where we are today," he adds.

The St. Louis-based rapper also says he is looking forward to learning the business of professional sports and becoming active in the Charlotte community.


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