Long-time owner of the Milwaukee Bucks Herb Kohl is expected to announce the sale of the game to hedge-fund billionaires (is there any other kind) Wesley Edens and Marc Lasry in a deal valued at $550 million, sources familiar with the transaction tell Marc Stein of ESPN. Kohl has added a condition to the sale that the team remain in Milwaukee. Bratwurst for everyone!!!
Here’s Stein:
The Milwaukee Bucks will announce later Wednesday that longtime owner Herb Kohl has reached an agreement to sell the team to hedge-fund billionaires Wesley Edens and Marc Lasry in a deal valued at $550 million, according to sources familiar with the transaction.
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Sources told ESPN.com that the deal, subject to league approval, will be confirmed in an afternoon news conference.
ESPN has learned Bucks owner Herb Kohl will announce sale of the team later today to Wesley Edens & Marc Lasry for price of $550 milllion
— Marc Stein (@ESPNSteinLine) April 16, 2014
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According to Milwaukee Journal-Sentinel, the Bucks have announced a press conference at 2:30 pm today from the BMO Harris Bradley Center to formally announce the sale.
Forbes valued the Bucks back in January at $405 million, the league’s lowest and according to a Journal-Sentinel source, bidding on the team started at $400 million.
Kohl had tried to entice local investors earlier in the season, with four prominent businessman in the mix. The Bucks owner was trying to keep the Bucks in Milwaukee and remain as a minority owner.
Kohl, a long-time US Senator, made sure to attach a caveat to the sale that the Bucks remain in Milwaukee. Pending ratification of the sale by the league, the first order of business is acquiring a new stadium to replace the dilapidated Bradley Center.
When current commissioner Adam Silver visited Milwaukee earlier in the season, before taking over duties from David Stern, he stated that, “An obvious issue we all have to deal with is we need a new arena in Milwaukee.”
Constructing that new arena will be the first step on the agenda for new owners Edens and Lasry, but it won’t be easy as Kohl knows all too well.
What do you think?
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