Twenty-nine years after purchasing the Milwaukee Bucks for $18 million, retired U.S. Senator Herb Kohl announced Wednesday that he will sell the team for $550 million to two New York hedge-fund billionaires. In January, Forbes valued the franchise at $405 million.
The Bucks will finish the 2013-14 season with the worst record in the NBA. The team is also hoping to get a new arena to replace the Bradley Center.
Marc Lasry, chairman, CEO, and co-founder of Avenue Capital Group, and Wesley Edens, co-founder of the Fortress Investment Group, LLC, are the buyers. Kohl’s condition of sale was that the team must remain in Milwaukee, and the new owners have committed to that.
In addition, the new owners and Sen. Kohl have committed to providing $100 million each to a new arena for the team.
