Reports out of Charlotte over the weekend have Michael
Jordan in talks to acquire a 50% stake in the Hornets from
Owner George Shinn. NBA Commissioner David Stern confirmed
Friday that Shinn and Jordan had talked on several occasions
during the past month regarding a possible deal, but said in
a statement released to the CHARLOTTE OBSERVER that the
negotiations were "ongoing" and "not near an agreement"
(CHARLOTTE OBSERVER, 3/27). Jordan issued a statement his
morning saying, "The discussions are very preliminary and I
am unsure whether I will be able to make an investment on
terms that are acceptable to me" (THE DAILY).
BUILD IT AND HE WILL COME: In Charlotte, Liz Chandler
reported that a source familiar with the talks said that
Jordan "expects his share to cost somewhere around" $75M.
The source also said that Jordan would like to reach a deal
that would allow him to buy out Shinn in a few years. In
terms of management roles, sources close to both Shinn and
Jordan said that "both sides expect that Jordan would be in
charge of basketball operations," while Shinn "would have
influence over financial decisions such as player and coach
salaries." Charlotte officials said that if Jordan becomes
a part-owner, the team's chances of building a new arena
"are vastly improved." New Arena Committee Chair John
Fennebresque: "With his money and his stature, it's a lot
more likely that we can come up with an arena plan that the
city and the public will support." At Jordan's request,
Fennebresque flew to N.Y. two weeks ago for a meeting with
Jordan at his steakhouse in Grand Central Station.
Fennebresque: "I said we need money and we need your
stature. He is very interested" (CHARLOTTE OBSERVER, 3/28).
Fennebresque: "His interest was very dependent on a new
uptown arena." Fennebresque said that he and Jordan will
talk again soon, and that there is so much interest on
Jordan's part that the two will have weekly updates (WSOC-
TV, 3/27). In Winston-Salem, John Delong reported that
sources said that Jordan and Shinn "have met face-to-face on
at least one occasion recently," and that Jordan now seems
"very serious" about a buy-in (W-S JOURNAL, 3/28). In
Chicago, Lacy Banks wrote that reports have Jordan and David
Falk in the Bahamas "discussing the move" (SUN-TIMES, 3/28).
REAX: In Charlotte, Rick Bonnell wrote that the
Hornets' two problems are that Shinn "can't afford what the
NBA has become and his image has plummeted below sea level.
Add Jordan, even at a discount price, and both those
problems disappear" (CHARLOTTE OBSERVER, 3/27)....One NBA
exec: "I thought David Falk shot that down six or seven
weeks ago. But if Michael is really interested, he'd be
exactly what they need down there" (WINSTON-SALEM JOURNAL,
3/28)....In Chicago, Skip Bayless writes that ownership is a
"bad idea" for Jordan. Bayless: "Owning and operating an
NBA team would be the most humbling, frustrating, hell-on-
Earth second career you could choose" (CHICAGO TRIBUNE,
3/29)....Rockets F Scottie Pippen: "He told me a few weeks
ago that he was working on it and for me to keep it under
wraps" (CHICAGO SUN-TIMES, 3/29)....Bulls Chair Jerry
Reinsdorf: "If he does do it, I hope he hires David Falk as
his general manager. Then he'll save all the rest of the
teams a lot of money" (CHICAGO TRIBUNE, 3/28).
SHINN'S PERSONAL LIFE IN THE NEWS: Shinn's wife,
Carolyn, filed for divorce last week "on grounds that the
couple have lived apart for more than a year." The Shinns
have been married since '72 (CHARLOTTE OBSERVER, 3/27).
