Bobcats owner Bob Johnson is still looking to sell the team.

Johnson and George Postolos of Houston continue negotiations on a deal for the team, multiple sources told the Charlotte Observer.

Johnson currently owns 70 percent of the Bobcats, and put the team up for sale several months ago. In the meantime, many of the club's financial decisions have been put on hold.

The team is heavily in debt, with roughly $100 million that new ownership would have to take on.