The sale of the Milwaukee Bucks has been long rumored, but Marc Stein of ESPN reports it will become official today — longtime owner Herb Kohl will sell the Milwaukee Bucks to a group committed to keeping them in Milwaukee.
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
Kohl made keeping team in Milwaukee a condition of the sale to the hedge-fund billionaires, whose purchase now subject to league approval
— Marc Stein (@ESPNSteinLine) April 16, 2014
Herb Kohl purchased the Bucks in 1985 for $18 million. Today’s sale represents a substantial increase on the investment. He is a longtime U.S. Senator from Wisconsin.
Marc Lasry and Wes Edens, are hedge-fund billionaires based out of New York City. Forbes estimates the two at having a combined net worth around $3 billion.
NBA Commissioner Adam Silver has previously stated that the Bucks need substantial arena improvements, or a brand new arena to continue to be viable in the city. The current arena, the Bradley Centre, originally opened in 1988, is badly outdated in terms of modern luxury boxes, modern locker rooms and team facilities, as well as concessions and other fan amenities.
The Bradley Centre is one of the oldest arenas in the NBA, tied with the Palace in Auburn Hills, and ARCO Arena in Sacramento for third behind Madison Square Garden and the Oracle Arena in Oakland. It should be noted that MSG recently underwent $1 billion in renovations, Oracle Arena underwent major renovations in the 1990s, and the Kings are slated to move from ARCO Arena in the near future.
The Bucks have been greatly disappointing this season, putting up the worst record in the NBA and the worst record in franchise history at 15-66.
Forbes recently estimated that the Bucks were worth $405 million, the sale price is 27% above that estimate.
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