Bucks won't be sold; Jordan's bid is foiled

FROM INQUIRER WIRE SERVICES
Posted: June 30, 2003

Michael Jordan wanted to buy the Milwaukee Bucks. But in the end, Herb Kohl wasn't ready to sell them.

Kohl, a U.S. senator from Wisconsin, announced yesterday that he was pulling his team off the market.

"I have decided not to sell the Milwaukee Bucks at this time and will continue to own them, improve them, and commit them to remaining in Wisconsin," he said in a statement.

Kohl, a Milwaukee native who has owned the team since 1985, acknowledged that he had what he called "detailed discussions" with Jordan, who wants to purchase an NBA team. The deal apparently was close to getting done, but ultimately, Kohl refused to pull the trigger.

"I think Michael will be an excellent owner of an NBA franchise and have encouraged him, for the benefit of the NBA, to continue his consideration of such an investment," Kohl said in his statement. "On balance, I simply decided that I am not yet prepared to sell the team at this time and have instructed my representatives accordingly."

Kohl's statement came hours after Ernie Grunfeld, the Bucks' general manager, was released from the final year of his contract. Rumors have Grunfeld set to take over as president of basketball operations for the Washington Wizards - the job Jordan had before returning to the court two seasons ago.

Kohl, who bought the Bucks from Jim Fitzgerald for $18 million, was believed to be asking for $170 million, according to the Milwaukee Journal Sentinel. The newspaper reported yesterday that local investors were balking at the high price.

High hopes for Tomjanovich. Rudy Tomjanovich, former coach of the Houston Rockets, has responded well to treatment for bladder cancer over the last three months, and doctors are optimistic about his future. Tomjanovich stepped down this spring in order to focus on his health.

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