Milwaukee, WI, United States (4E Sports) – Milwaukee Bucks owner Herb Kohl has agreed to sell the team to hedge-fund billionaires Wesley Edens and Marc Lasry, on the condition the team stays in Milwaukee.
The deal is valued at $550 million and is subject to league approval.
Kohl, who bought the team for $18 million in 1985, has been searching for buyers who wouldn’t try to move the team.
Wisconsin Gov. Scott Walker said he was pleased the team will stay and that he will work with the new ownership to see how he can help the team “flourish in the state.”
It’s believed Kohl, while relinquishing majority control, will retain a significant percentage of the team.
The Bucks are valued by Forbes at $405 million, last among the league’s 30 franchises, and will finish the season with the worst record in the NBA.
Lasry is chairman and chief executive officer of Avenue Capital Group while Edens is co-founder and a chairman of the board at Fortress Investment Group. Both are based in New York.
Among the challenges for Edens and Lasry will be erecting a new building to replace the outdated Bradley Center.