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.
Jul 28, 2015, 10:11 PM EDT
Hint, hint, hint
Jul 28, 2015, 9:16 PM EDT
Dallas also reportedly talking to Salah Mejri
Jul 28, 2015, 8:19 PM EDT
Thunder power forward was scheduled to play in African exhibition game
Jul 28, 2015, 7:24 PM EDT
Miami cleared roster room for second-round pick
Jul 28, 2015, 6:30 PM EDT
I can tell you where Batum will land next summer — whichever team offers him the most money.
Jul 28, 2015, 5:46 PM EDT
He’ll be back this fall.
Jul 28, 2015, 5:05 PM EDT
The Lakers and Knicks don’t make a ton of sense for him.
Jul 28, 2015, 4:15 PM EDT
He’s been sober four years, which is most important.
Jul 28, 2015, 3:29 PM EDT
With more number retirements in Boston on the way in a few years.
Jul 28, 2015, 2:46 PM EDT
Did Michael Jordan hijack the draft process in Charlotte again?
Jul 28, 2015, 1:54 PM EDT
Walker is expected to sign the bill to allocate funds for a new arena.
Jul 28, 2015, 1:43 PM EDT
Batum will be a free agent next summer.
Jul 28, 2015, 1:32 PM EDT
The Nets added solid role players in addition to re-signing Brook Lopez and Thaddeus Young.
Jul 28, 2015, 1:20 PM EDT
Udoh played five seasons with the Warriors, Bucks and Clippers.
Jul 28, 2015, 12:59 PM EDT
Barnes hasn’t forgotten Ibaka’s altercations with Blake Griffin.
Jul 28, 2015, 12:54 PM EDT
Garnett came out to Summer League practices to work with Towns.
Jul 28, 2015, 8:30 AM EDT
The man made some plays.
Jul 28, 2015, 8:00 AM EDT
Mason Plumlee with a money gun shooting $100s.
Jul 28, 2015, 12:40 AM EDT
Ennis will get the chance to prove his case in training camp.
Jul 27, 2015, 11:00 PM EDT
Larry Brown said the condition had Popovich thinking about retirement.
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- Report: Cavaliers sign Matthew Dellavedova 10
- Heat trade Zoran Dragic, second-rounder to Celtics 11
- Report: Cavaliers trade Brendan Haywood, Mike Miller, two second-round picks to Portland 17
- Blake Griffin, Stephen Curry among latest big names headed to Team USA mini-camp 8
- Kyrie Irving off crutches, cleared by doctors to start working out 8