Milwaukee Bucks on the Verge of Being Sold for 550 Million Dollars

The NBA’s Milwaukee Bucks are close to being sold for around $550m, arthritis subject to approval from the NBA and its board of governors.

Long-time Bucks owner Herb Kohl announced that he had reached the agreement with hedge-fund billionaires Wesley Edens and Marc Lasry on Wednesday.

Kohl bought the team for $18m in 1985 and made it a condition of the sale that the team stayed in Milwaukee.

Wisconsin Governor Scott Walker said he was happy the Bucks were staying and said the new ownership would help the team “flourish in the state.”

Walker also said “I think it’s a big deal.”

One of the biggest challenges for Lasry, chairman and chief executive of Avenue Capital Group, and Edens, co-founder and chairman of Fortress Investment Group, is to build a new stadium.

The Bradley Center is outdated and NBA commissioner Adam Silver once described it as “an obvious issue.”