Michael Jordan has backed out of the President's Cup.
The LA Times reports that Jordan has left the President's Cup due to the NBA lockout.
"With the NBA labor situation unsettled, as the majority owner of the Charlotte Bobcats, I feel it is necessary that I remain in the country," Jordan said in a statement.
Jordan was to be assistant captain for the U.S. team at Royal Melbourne in Australia from November 17-20.
Some fans are viewing Jordan's backout as a sign that the lockout may be coming to a close, while others see the backout as Jordan himself trying to remain optimisitc.
Read more about Michael Jordan here.