Michael Jordan and Hornets Owner George Shinn have
agreed "how to share power," and it now "appears more likely
than not" that Jordan will purchase half of the team,
according to sources of Rick Bonnell of the CHARLOTTE
OBSERVER. The only major issue left to discuss between the
two appears to be the selling price, as sources say that
Shinn puts the team's worth at $160M and wants Jordan to pay
$80M. However, Jordan wants to pay less, in part because he
feels that his presence "is likely to raise the team's value
almost immediately." Jordan's involvement would also help
in obtaining an uptown arena, and the cash investment would
help the team keep its top players. A source close to the
negotiations said that there "wasn't a conflict" between
Shinn and Jordan over the price, and noted that "the number
is negotiable and talks have been friendly" (CHARLOTTE
OBSERVER, 4/20). In Chicago, Lacy Banks cites sources
saying Jordan "would pay somewhere in the range of" $80M for
the team. One source: "What remains to be determined is how
Jordan will pay his portion." A completed deal "might have
to wait until summer" because Shinn must live at his new FL
residence for at least six months before he can get a tax
break from selling part of the team (SUN-TIMES, 4/20).
SOURCES TELL HIM! In N.Y., Peter Vecsey notes that
Jordan is negotiating with Shinn on his own behalf, but
wonders, "Considering Shinn is so disliked in Charlotte and
his personal life is in such disfavor, I found it
unfathomable Jordan would want to associate himself with the
Hornets' owner" (N.Y. POST, 4/20).
