The Bobcats defended owner Michael Jordan on Friday, a day after he traded Gerald Wallace, the only All-Star in franchise history, to the Trail Blazers.

The perception has become that Jordan is cheap. He let Raymond Felton walk as a free agent and traded Tyson Chandler for payroll relief.

"Of course Michael is willing to spend the money," general manager Rod Higgins said. "He's made that clear to all of us from the top down that he's going to spend the money. But you have to understand when is the good time to spend the money."

The Bobcats appear headed for a rebuilding phase despite making the playoffs last season and remaining in the hunt for a spot this spring.

"We don't want to be in that seventh or eighth spot. We want to get to that championship level," Higgins said. "That's the plan."