Apr 16, 2014, 12:57 PM EST
It has been rumored for weeks, but Marc Stein of ESPN reports it will become official today — longtime owner Herb Kohl will sell the Milwaukee Bucks to a group committed to keeping them in Milwaukee.
Herb Kohl purchased the Bucks in 1985 for $18 million. Just remember that next time an owner talks about their annual losses with their team (franchise valuation is not part of that calculation).
This looks like a big win for Bucks fans, at least at first glance.
That sale price is 27 percent more than the $405 million that Forbes estimated the Bucks to be worth. The sale will need to be approved by the league’s owners after the buyers go through a thorough background check. However the sales are almost always approved.
Kohl had been looking for new owners for some time but refused to talk to people such as Chris Hansen and his Seattle group because he only wanted an owner that would keep the Bucks in Milwaukee.
Marc Lasry and Wes Edens, are hedge-fund billionaires based out of New York who Forbes estimates at having a combined net worth around $3 billion. It is unclear yet if there were be some minority owners joining the group based out of Milwaukee (or even somewhere in the Midwest), to ease concerns about moving the team.
To keep the team in Milwaukee will require a new arena — Commissioner Adam Silver has said as much, the current arena lacks many luxury boxes — and how that gets done will be the big question. Lasry and Edens will have to pony up some cash, Kohl may as well, but they also likely will ask for public money and that would be a much more difficult get.
It is not clear yet what happens if a new arena cannot get built, and on what timeline all that would happen.
Also not clear is what that means for the current front office and coaching staff. Getting the sale approved likely will not impact this draft — where the Bucks have the best odds of getting the No. 1 pick following their terrible season — or maybe even next season. But new owners inevitably bring changes.
They buy a team with a potentially good core of young players — Giannis Antetokounmpo, John Henson, Larry Sanders, plus this year’s draft pick — that could develop into an interesting team in a few years with the right management and coach. And if they start to win they will sell out any new building.
Dec 20, 2014, 10:30 PM EST
A final look back at Rondo’s time in Boston as he gets set to make his debut with Dallas.
Dec 20, 2014, 9:00 PM EST
Cavaliers are tied with the Pistons for 23rd in defensive efficiency.
Dec 20, 2014, 7:11 PM EST
Kings are looking to make a splash, and Williams has been made available in trade by the Nets.
Dec 20, 2014, 6:30 PM EST
Dragic will opt out of the final year of his deal to become an unrestricted free agent this summer.
Dec 20, 2014, 5:00 PM EST
An expletive was added for emphasis.
Dec 20, 2014, 3:30 PM EST
No contact on the perimeter, yea he’s up for that.
Dec 20, 2014, 2:00 PM EST
The Christmas Day slate of games is (mostly) stellar.
Dec 20, 2014, 12:30 PM EST
Dunk of the year by Johnson had Drummond throwing elbows.
Dec 20, 2014, 11:00 AM EST
Rivers saw this coming just four games into the season.
Dec 20, 2014, 9:30 AM EST
Lin understands why Bryant always gets the ball in these situations, but admits he’d like to get some opportunities.
Dec 20, 2014, 8:00 AM EST
As the Thunder ended up winning by one, 104-103, this block ended up being very important.
Dec 20, 2014, 2:07 AM EST
Lillard needs to get mentioned with the game’s top point guards.
Dec 20, 2014, 12:49 AM EST
Young earned this one and will get to write a check to the league.
Dec 20, 2014, 12:02 AM EST
Former NBA player now trying to make his way as a fighter.
Dec 19, 2014, 10:50 PM EST
There are a whole host of reasons Rondo was traded; this is just the most convenient for Boston’s brass.
Dec 19, 2014, 9:40 PM EST
Nice gesture by the players.
Dec 19, 2014, 8:30 PM EST
…pretty smoothly somehow
Dec 19, 2014, 7:25 PM EST
Leonard was the Finals MVP for San Antonio last season.
Dec 19, 2014, 6:45 PM EST
Warriors coach has jokes
Dec 19, 2014, 6:35 PM EST
This is the smart move by the Thunder.
- Report: Kings discussing trade for Deron Williams with Nets 8
- Report: Multiple teams contacting Suns trying to trade for Goran Dragic 6
- Clippers rip officials after being called for seven technical fouls in loss to Nuggets 17
- Jeremy Lin after Kobe misses at the buzzer: ‘I like game-winners too’ 47
- Damian Lillard drops career high 43, leads Blazers to 3OT win over Spurs (VIDEO) 8
- Kendrick Perkins: Rajon Rondo wanted out of Boston 8
- Report: Minnesota agrees to trade Corey Brewer to Houston 7
- Dallas moves into title contender status with addition of Rajon Rondo 45