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