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 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 US$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 returned.
Bucks spokeswoman Cheri Hanson said no one was available to comment further.
Jordan is a five-time NBA most valuable player 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.
Bucks coach George Karl is heading into a lame-duck season under a contract extension that pays him US$7 million a year.