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Kohl Wants to Remain Owner, Keep Bucks in Milwaukee. Says No Deal to Jordan
Milwaukee Bucks owner Herb Kohl has decided not to sell the team to Michael Jordan.
Kohl said Sunday that he had extensive negotiations with Jordan and was pleased with Jordan's time and money commitments to a proposed sale, but that he didn't want to part with the team right now.
"On balance, I simply decided that I am not yet prepared to sell the team at this time,'' the senator said in a statement released by the team.
Kohl, D-Wis. said he would continue to own the team, "improve them, and commit them to remaining in Wisconsin.''
Previously, Kohl had said he was willing to sell the team he bought for $18 million in 1985, with the stipulation that any new owner must agree to keep the team in Milwaukee.
Messages left with Jordan's spokeswoman, Estee Portnoy, were not immediately returned Sunday. Bucks spokeswoman Cheri Hanson said no one was available to comment further.
Jordan is a five-time NBA MVP and was a member of six Chicago Bulls championship teams. He retired as a player in October 1993, came back in March 1995, and retired again in January 1999.
Jordan joined the Washington Wizards in January 2000 as an executive and part owner. But he gave up his ownership stake, as NBA rules required, to return to the court as a Wizards player in September 2001, then played two seasons for Washington before retiring again after last season.
Bucks coach George Karl was in Greece Sunday, but his agent, Bret Adams, said he would be pleased with the news.
"I know George's feelings towards Sen. Kohl have always been very positive and I'm sure George will be very happy that Sen. Kohl will be maintaining ownership of the team,'' Adams said.
Karl is heading into a lame-duck season under the two-year contract extension that pays him $7 million a year.
Earlier Sunday, the Bucks announced they had released general manager Ernie Grunfeld from the final year of his contract so he could pursue other positions in the NBA. He was earning $1.5 million a year.
Grunfeld has been rumored as a candidate for president of basketball operations with the Washington Wizards. Wizards spokeswoman Nicole Hawkins declined to comment Sunday on the reports. A team news conference planned for Monday was to introduce draft choices, Hawkins said.
Kohl said in his statement that Jordan would make a good NBA owner and that he has encouraged him to continue searching for another ownership opportunity in the league.
"I was also impressed with the quality of the professionals that he was prepared to engage had we gone forward, as well as his willingness to make every effort to keep the team in Wisconsin,'' Kohl said.
Kohl said Sunday that he had extensive negotiations with Jordan and was pleased with Jordan's time and money commitments to a proposed sale, but that he didn't want to part with the team right now.
"On balance, I simply decided that I am not yet prepared to sell the team at this time,'' the senator said in a statement released by the team.
Kohl, D-Wis. said he would continue to own the team, "improve them, and commit them to remaining in Wisconsin.''
Previously, Kohl had said he was willing to sell the team he bought for $18 million in 1985, with the stipulation that any new owner must agree to keep the team in Milwaukee.
Messages left with Jordan's spokeswoman, Estee Portnoy, were not immediately returned Sunday. Bucks spokeswoman Cheri Hanson said no one was available to comment further.
Jordan is a five-time NBA MVP and was a member of six Chicago Bulls championship teams. He retired as a player in October 1993, came back in March 1995, and retired again in January 1999.
Jordan joined the Washington Wizards in January 2000 as an executive and part owner. But he gave up his ownership stake, as NBA rules required, to return to the court as a Wizards player in September 2001, then played two seasons for Washington before retiring again after last season.
Bucks coach George Karl was in Greece Sunday, but his agent, Bret Adams, said he would be pleased with the news.
"I know George's feelings towards Sen. Kohl have always been very positive and I'm sure George will be very happy that Sen. Kohl will be maintaining ownership of the team,'' Adams said.
Karl is heading into a lame-duck season under the two-year contract extension that pays him $7 million a year.
Earlier Sunday, the Bucks announced they had released general manager Ernie Grunfeld from the final year of his contract so he could pursue other positions in the NBA. He was earning $1.5 million a year.
Grunfeld has been rumored as a candidate for president of basketball operations with the Washington Wizards. Wizards spokeswoman Nicole Hawkins declined to comment Sunday on the reports. A team news conference planned for Monday was to introduce draft choices, Hawkins said.
Kohl said in his statement that Jordan would make a good NBA owner and that he has encouraged him to continue searching for another ownership opportunity in the league.
"I was also impressed with the quality of the professionals that he was prepared to engage had we gone forward, as well as his willingness to make every effort to keep the team in Wisconsin,'' Kohl said.