Jordan Argues Price for Hornets
CHARLOTTE, N.C. (AP) _ Michael Jordan and Charlotte Hornets owner George Shinn don’t agree on how much the retired Chicago Bulls star should pay for a half interest in Shinn’s team, The Charlotte Observer reported today.
Sources told the newspaper that Shinn values the team at $160 million, and wants Jordan to pay $80 million. Jordan wants to pay less, in part because his presence is likely to raise the team’s value almost immediately.
Jordan’s prestige also could a key element in local lobbying for a new basketball arena in downtown, the newspaper said.
Jordan and Shinn have been unavailable for comment during negotiations. However, Jordan confirmed Saturday, while at a hockey game, that he’s interested.
A source familiar with negotiations said there wasn’t a conflict between Shinn and Jordan about the price. The number is negotiable and talks have been friendly.
Sources also said both would have veto power on major team decisions, and both would be consulted on every major issue.
Jordan has made hundreds of millions of dollars from NBA and endorsement contracts. Last season he made $33 million for playing for the Chicago Bulls. It has been estimated endorsement deals pay about $40 million annually.