Michael Jordan is denying a report that says he intends to sell the Charlotte Bobcats if the team does not start to have some on-court success—and he’s unable to make it a profitable venture—within the next three to four years.
"I was disturbed to hear the false report that I intend to sell my majority interest in the Charlotte Bobcats," Jordan said in a statement released by the team. "I am 100 percent committed to building the Bobcats into a contender and have no plans to sell the team."
The New York Daily News, however, reported that Jordan told GM Rich Cho and other execs that he will sell the team if its on- and off-court fortunes don't change.
— SN's David Whitley: Rare good news for Bobcats fans (all three of them)
“I told Rich to make us better,” Jordan said to an associate recently, according to the Daily News. “If that doesn’t work and I can’t make a profit in the next three to four years, then I’m selling.”
Jordan, as the report notes, has been looking for investors for the team but had not contemplated selling the franchise until recently. The Bobcats had a $20 million loss last season and are on pace for more financial losses this season, according to the report.
Things aren’t any better on the court. The Bobcats are having an historically bad season and have the NBA’s worst record at 7-43.
Meanwhile, Jordan's putting the rebuilding project in Cho’s hands effectively means Rod Higgins, the Bobcats’ president of basketball operations, “is on the outs,” the Daily News reports.
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