Michael Jordan acknowledged to the Washington Post that he has been investigating his options regarding divestment of his ownership in the Wizards in case he decides to return to the NBA as a player.
On Wednesday, the New York Post reported that Jordan has discussed selling his ownership position in the NBA team back to Washington Capitals owner Ted Leonsis. Jordan financial adviser Curtis Polk, Leonsis and lawyers outlined the divestiture plan to the league in a meeting with NBA commissioner David Stern at his office in New York on Aug. 14. NBA policy prohibits active players from holding any equity in a team.
"We've been evaluating what our options are in terms of the possibility of me returning to play," Jordan said. "Believe me, nothing is 100 percent. We are merely exercising our options and doing some research regarding my possible divestment. But I'm still not sure what's going to happen and I'm not going to make my decision until mid-September, and I'm sticking to that."
The process of selling back the shares to Leonsis is routine. When Magic Johnson unretired from the Lakers in January 1996, he sold his 5 percent stake in the team back to owner Jerry Buss. After he retired again, Johnson bought the stake back.
Jordan bought from 5 to 10 percent of Leonsis's Lincoln Holdings on Jan. 19, 2000. Its assets include ownership of the NHL's Capitals and minority ownership of Washington Sports and Entertainment, the parent company of senior NBA team owner Abe Pollin's sports empire. Those holdings include controlling interests in the Wizards, the WNBA's Mystics, MCI Center, US Airways Arena and the Washington-Baltimore franchise of Ticketmaster.
In an e-mail, Leonsis said the substance of the New York Post report was inaccurate, but he declined to comment further.
Through a spokesman, the NBA declined to comment.
Polk, who resigned as the No. 3 official in the SFX Basketball agency this month, could not be reached to comment. An SFX spokeswoman said Polk resigned to pursue "career plans and personal goals taking him in a different direction."
The NBA does not have a policy on whether Jordan would have to give up the title of president of basketball operations, although he could not be paid for doing that job because it would violate the salary cap.
"I'm going to keep trying to get there," Jordan said of his efforts to get back into playing shape. "We'll see."
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