Jordan, Shinn Reach a Snag

Michael Jordan wants to pay less than the $80 million asking price for half of the Charlote Hornets, in part because he believes his name alone would probably increase the team’s value, The Charlotte Observer reported Tuesday.

There isn’t a conflict between Jordan and Hornet owner George Shinn about the price; the number is negotiable and talks have been friendly, a source familiar with negotiations told the newspaper.

However, Shinn values the Hornets at $160 million and Jordan doesn’t want to pay as much as half of that for a 50% stake. The former NBA superstar feels that as a co-owner, he would help push the team’s value even higher, the newspaper said.

Jordan’s prestige also could be a key element in lobbying for a new downtown basketball arena.

Sources told the paper that both of them would have veto power on major team decisions.

Hornet spokesman Harold Kaufman declined to comment on the report, saying only that Jordan and Shinn agreed from the start to “have a continuing dialogue.”

Jordan and Shinn have been unavailable for comment during negotiations. The two have met at least twice recently and have negotiated on the telephone.

Jordan, who retired before the season after helping the Chicago Bulls win six NBA championships, grew up in North Carolina and has family and business ties to Charlotte.