Michael Jordan intends to sell the Bobcats if the team doesn't improve in the standings and make a profit in the next three or four years, Mitch Lawrence of the New York Daily News reports. Lawrence also says Rod Higgins, the team's president of basketball operations, is on the outs, with GM Rich Cho taking more responsibility.
This represents a change of plans for Jordan, who has been seeking someone to buy half the team for several months, according to the report. Lawrence notes the Bobcats lost $20MM last year, and are again losing money as they struggle through a 7-42 campaign. Jordan has told Cho to rebuild and "follow the Oklahoma City model," the report states.
Jordan invested $275MM to become majority owner of the Bobcats a little more than two years ago. The franchise made the playoffs for the first time that spring, but the team failed to keep its cornerstones together. The Bobcats didn't re-sign Raymond Felton and Tyson Chandler in free agency during the summer of 2010, and traded away Gerald Wallace and Stephen Jackson last year.