Mike, your friend would NOT be cuckolding you ... your WIFE would be cuckolding you. She is the one married to you, not him. A man becomes a cuckold when his wife has sex with other men ... period! It doesn't matter if you know or you don't know that she is with other men. It doesn't matter if the man she's with is black, white, green, or lavender ... color is irrelevant here. What does matter is that she is married to you, and having sex with other men ... THAT makes you a cuckold.
If you were to title your friend, he'd be no more than an accomplice to her cuckolding you. He might even become her designated "bull" eventually ... but he would NEVER be the one cuckolding you. Only your wife can make you a cuckold.
What I might question is your friend's insistence that you pay for everything and then resist allowing you to enjoy the one thing that a willing cuckold husband enjoys ... "watching". I'd question whether he was really your friend, and just after your wife for a fuck toy. But, if you are ok with it, agreeable to the conditions he has set, and your wife is willing ... by all means, share your woman with other men. Personally, if I was sharing my wife, it would be under MY conditions or it wouldn't happen with my condolences. But, good luck with it! Mac