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Drew takes the high road, thanks Bucks fans

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Former Milwaukee Bucks coach, fired after just one season in Milwaukee, issued the following statement today.

Larry Drew

Larry Drew

“I would like to thank Senator Herb Kohl and John Hammond for giving me the opportunity to coach the Milwaukee Bucks this past season.  Although my tenure was brief, it will forever be memorable.

“Thank you to all of the great Bucks fans for your love and suport, you truly are some of the best fans ikn the NBA.

“My swift termination did come as a surprise to me, but I accept new owners Wesley Edens’ and Marc Lasry’s decision that they’ve made.  I wish the entire Bucks organization and the great city of Milwaukee nothing but the best in the future.”

Drew went 15-67 in his only season on the Bucks bench, good for the worst record in the league.  The Bucks got into the draft lottery and drew the second overall pick, using that selection on Duke’s Jabari Parker.

 

 

Bucks narrow top selection to Parker or Wiggins

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Milwaukee Bucks co-owner Marc Lasry indicated Monday that the Bucks will likely use the second overall pick in Thursday’s NBA Draft on Duke’s Jabari Parker or Kansas’ Andrew Wiggins.  Foot surgery for Kansas big man Joel Embiid last week has seemingly knocked him out of the Bucks plans.

After a 15-67 record last season, the Bucks are looking for immediate help.  At a meeting of the Milwaukee Press Club and Rotary Club on Monday morning, Lasry said, “I think he’s a phenomenal individual, but with the injury and not knowing how severe or long it will take to recover, I think for us today we’re going to want somebody who’s going to help us on Day One.”

Lasry talked about building a foundation of young players over the next two or three seasons that would help attract free agents.  “Nobody’s coming to Milwaukee if the team does what it did last year,” said Lasry.

The Bucks are also seeking public financing to help build a new arena.  Lasry and co-owner Wes Edens have put up $100 million, and former owner Herb Kohl has done the same.  Lasry said he estimates it could take $350 million to $400 million to build a new arena.

NBA needs an arena deal or they could move the Bucks

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According to an ESPN.com report, the NBA has the right to buy back the Milwaukee Bucks from prospective owners Wesley Edens and Marc Lasry for $575-million, if a deal to build a new arena is not in place by November 2017.

The $575-million is $25-million more than Edens and Lasry paid for the team from former senator Herb Kohl.

Kohl told the Milwaukee Journal Sentinel recently  that the Bucks need a new arena or they will be gone.

Both Kohl and the ownership group of Edens and Lasry, committed $100-million each towards a new arena in Milwaukee.  It’s believed a new facility will cost at least $400-million to build. [Read more…]

Bucks sold for $550 million (AUDIO)

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Milwaukee Bucks owner and former Senator Herb Kohl announced the sale of his NBA franchise to a pair of New York investors,

Herb Kohl

Herb Kohl

Marc Lasry and Wesley Edens for $550 million.  Both Lasry and Edens are committed to keeping the Bucks in Milwaukee, which has been a key to any sale of the team by Kohl.

Both Kohl and the new ownership group have each committed $100 million toward a new, multipurpose arena.  Wesley Edens figured that total would get them about halfway towards the purchase of a new facility.

Kohl originally purchased the Bucks back in 1985 for $18 million and has owned the team for the last 29 years.

AUDIO: Marc Lasry says he and Edens will be hands on owners :16

Marc Lasry is the chairman, CEO and co-founder of Avenue Capital Group.  Wesley Edens is the co-founder of the Fortress Investment Group LLC, based in New York. [Read more…]