Skip to content

Report: Sale of Milwaukee Bucks for record $550 million agreed upon, team to stay in Milwaukee

Apr 16, 2014, 12:57 PM EDT

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.

Latest Posts
  1. Chandler Parsons, James Harden patch things up

    Jul 31, 2014, 12:33 PM EDT

    Chandler Parsons, James Harden Chandler Parsons, James Harden

    Like most “feuds,” once two rational people sit down and talk for a minute, everything dissipates.

  2. Kevin Durant says he’s deleting Twitter from his phone

    Jul 31, 2014, 11:55 AM EDT

    Kevin Durant Kevin Durant

    That means he’s signing with the Wizards, right?

  3. Report: Will Cherry to sign with Raptors

    Jul 31, 2014, 11:20 AM EDT

    Montana v Syracuse Getty Images

    Barring another move, Toronto down to one roster spot for Lucas Nogueira or DeAndre Daniels

  4. Anthony Davis steps into spotlight, is Team USA’s lynchpin

    Jul 31, 2014, 10:41 AM EDT

    2014 USA Basketball Practice Getty Images

    “We think he’s one of the top players in the league and we need for him to be that five that nobody has.” —Mike Krzyzewski on Anthony Davis

  5. Referee Violet Palmer comes out publicly as gay

    Jul 31, 2014, 10:00 AM EDT

    Sacramento Kings v Houston Rockets Getty Images

    Palmer to marry celebrity hair stylist Tanya Stine

  6. Kings sign undrafted Eric Moreland

    Jul 31, 2014, 9:22 AM EDT

    Tarik Black, Eric Moreland Tarik Black, Eric Moreland

    Former Oregon State standout impresses with shot-blocking ability

  7. Jeremy Lin goes Hollywood in new video

    Jul 31, 2014, 8:44 AM EDT

    Jeremy Lin Jeremy Lin

    Jeremy Lin in a full-blown dance number. You know you want to see that.

  8. Kyle Korver once traded for summer-league expenses and a copier

    Jul 31, 2014, 8:00 AM EDT

    Chicago Bulls v New Jersey Nets Chicago Bulls v New Jersey Nets

    Hawks forward, now trying out for Team USA World Cup team, has come a long way

  9. Chris Bosh makes it official, signs five-year, $118 million deal with Miami

    Jul 30, 2014, 10:30 PM EDT

    San Antonio Spurs v Miami Heat - Game 6 Getty Images

    “His unique skill set makes him one of the best players in the game today.” —Pat Riley on Chris Bosh, who still is overpaid.

  10. Pat Riley says he didn’t think LeBron was leaving, Heat can turn around quickly

    Jul 30, 2014, 8:59 PM EDT

    Pat Riley Pat Riley

    Pat Riley got beat in free agency, and he doesn’t take losing well.

  11. Magic Johnson: Jerry Buss wanted Byron Scott to coach the Lakers

    Jul 30, 2014, 8:00 PM EDT

    Los Angeles Lakers Introduce Byron Scott Getty Images

    Scott, not Mike Brown, would have followed Phil Jackson

  12. Coach K on Rose: “Derrick’s played great, not good, and hasn’t held anything back”

    Jul 30, 2014, 6:59 PM EDT

    “He’s playing out of his mind. He’s being Derrick Rose.” —Anthony Davis on Rose.

  13. Report: Longtime referee Dick Bavetta retiring

    Jul 30, 2014, 6:05 PM EDT

    Dick Bavetta Dick Bavetta

    NBA reportedly wanted Bavetta to retire four years ago

  14. Report: Lakers work out Michael Beasley

    Jul 30, 2014, 5:17 PM EDT

    Milwaukee Bucks v Miami Heat Getty Images

    The elicits a shrug of the shoulders. Not much else.

  15. Kevin Durant anoints Anthony Davis MVP-in-waiting

    Jul 30, 2014, 4:29 PM EDT

    Anthony Davis, Kevin Durant Anthony Davis, Kevin Durant

    Thunder star texted Davis after winning the award last season: ‘You on your way to get it’

  16. Notes from Team USA Camp in Las Vegas: Nobody is a fan of the FIBA balls

    Jul 30, 2014, 2:59 PM EDT

    Kevin Durant, Chandler Parsons AP

    “Guys that don’t have a reputation for playing hard defense are picking up full court.” —Damian Lillard on the level of play at Team USA training camp.

  17. Mavericks may consider signing Rashard Lewis after his knee surgery

    Jul 30, 2014, 2:19 PM EDT

    Rashard Lewis Rashard Lewis

    Dallas originally signed Lewis, but voided his contract once it was discovered he would require knee surgery.

  18. Knicks legend Earl Monroe sees New York finishing top four in the East ‘easily’

    Jul 30, 2014, 1:34 PM EDT

    Earl Monroe Earl Monroe

    Cleveland, Chicago, Indiana, Miami, Toronto and Washington all simply shake their heads.

Featured video

Why can't Lakers have a player-coach?
Top 10 NBA Player Searches
  1. T. Warren (5066)
  2. L. James (4425)
  3. K. Love (3922)
  4. D. Rose (3596)
  5. C. Anthony (2791)
  1. K. Bryant (2694)
  2. R. Allen (2593)
  3. J. Nelson (2428)
  4. B. Griffin (2154)
  5. C. Boozer (1997)