Charles Barkley says it's time for President Joe Biden to "pass the torch" to a new Democratic nominee.

During an appearance on CNBC's "Closing Bell," which aired live from the American Century Championship in Lake Tahoe, Nevada on Thursday, the Basketball Hall of Famer discussed the NBA’s new $76 billion TV and media rights deal, in addition to his upcoming retirement from TNT's "Inside the NBA" and television commentary after the 2024-25 NBA season. He also weighed in on the upcoming 2024 presidential election.

"I have nothing but admiration and respect for President Biden. But it's time for him to pass the torch to a younger generation," Barkley said. "(Biden) is one of the greatest people I've been fortunate to be around in my life, but it's time to pass the torch."

Barkley joins a growing list of supporters calling for Biden to withdraw from the presidential election amid concerns over about the president's age and health. Biden turns 82 in November.

"(Biden) has been a great person, he's a great man. This isn't something I'm saying now. I've said it a year ago. It's time for him to pass the torch," said Barkley, who added that he feels "sadness" about the upcoming election.

Despite his concerns about Biden and the Democratic Party, Barkley said he will not support President Trump, the presumptive Republican presidential candidate: "I would never vote for someone who has that mentality."

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Barkley, who has served as a television analyst on TNT's "Inside the NBA" for 24 years, also addressed TNT being on the verge of losing the TV and media rights to the NBA to Disney (ABC/ESPN), NBC and Amazon. (Turner Sports does have an opportunity to match a portion of the deal, but the match involves more than a dollar amount, according to a person who spoke with USA TODAY Sports about the media rights deal. The person spoke on the condition of anonymity because they were not authorized to speak publicly because details of the deal were still being tweaked.)

"I really feel bad for everybody at TNT," Barkley said. "I really hope we match. Honestly in my heart, I think we have lost the package. That's my honest opinion."

Barkley, 61, doubled down on his decision to retire if that's the case: "The main reason I was talking about next year being my last year – I wouldn't feel comfortable going to work for another network. It'll be 25 years that I've been working with Turner, and I love everybody at Turner, but at this age to go and start over, I don't know if I want to do that."

Contributing: Scooby Axson, Jeff Zillgitt