Jordan denies he's eyeing selling Bobcats

April 2, 2012 at 1:17 PM
share with facebook
share with twitter

CHARLOTTE, N.C., April 2 (UPI) -- Michael Jordan, majority owner of the Charlotte Bobcats, denied a report he's considered selling the team.

Jordan, who bought the team from Bob Johnson two years ago, released a statement in response to a column in the New York Daily News saying Jordan considered selling the Bobcats if the team didn't improve its performance and profitability, The Charlotte Observer reported Sunday.

The News had quoted an unnamed associate of Jordan saying the former Chicago Bulls star had said if he "can't make a profit in the next three to four years, then I'm selling."

In his statement, Jordan said: "I was disturbed to hear the false report that I intend to sell my majority interest in the Charlotte Bobcats. I am 100 percent committed to building the Bobcats into a contender and have no plans to sell the team."

Jordan took control of the team in March 2010, taking responsibility for a large loan Johnson had received to finance more than $300 million to buy the then-expansion team in 2004.

The Bobcats' 7-43 record is the worst in the NBA this season.

The Observer said ticket and sponsorship sales have improved since Jordan took control but Forbes magazine estimates the team loses at least $10 million a year.

Related UPI Stories
Trending Stories