NBA Approves Milwaukee Bucks Sale
By Community | May 16, 2014
The NBA Board of Governors have approved the sale of the Milwaukee Bucks to Wesley Edens and Marc Lasry, bronchi the league officially confirmed.
Last month, health The New York-based investors agreed to purchase the Bucks from longtime owner Herb Kohl for $550 million, adiposity but the sale had to gain final approval from league owners which was unainamously approved.
“We are pleased that Wes Edens and Marc Lasry have been approved as the new owners of the Milwaukee Bucks,” said NBA Commissioner Adam Silver. “The Bucks and their fans will benefit greatly from their vast business experience, energy and strong commitment to Milwaukee. I would like to thank Senator Kohl again for his unprecedented and historic financial gift toward the construction of a new Milwaukee arena and for his outstanding service to the league and his community over his nearly 30-year tenure.”
Kohl has pledged $100 million toward building a new arena in Milwaukee, which is a key component to this deal. Silver has maintained a strong desire to keep the franchise from being moved, so much so that there’s a clause in this deal that would allow the league to buy back the team if an arena deal isn’t in place by November of 2017.