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.
May 23, 2015, 12:25 AM EDT
Cleveland shut down Atlanta’s offense in a dominant Game 2 performance.
May 22, 2015, 11:16 PM EDT
LeBron was great, and that was enough against a Hawks team that keeps losing guys due to injury.
May 22, 2015, 10:30 PM EDT
There’s also video of Harden doing some damage in the tunnel on the way to the locker room.
May 22, 2015, 9:30 PM EDT
Ruled a flagrant, which was probably the correct call under the circumstances.
May 22, 2015, 8:30 PM EDT
GM Mitch Kupchak: “It looks as though we’ll use our pick this year.”
May 22, 2015, 7:38 PM EDT
Irving is dealing with a knee injury.
May 22, 2015, 7:15 PM EDT
Explaining Stephen Curry’s game is just not that easy.
May 22, 2015, 6:49 PM EDT
Did they disagree? Sure. Was there a rift… depends on who you ask.
May 22, 2015, 5:45 PM EDT
Even an older NBA player has mad skills.
PBT Extra: Klay Thompson’s done well, but Warriors should throw other defenders at James Harden, too
May 22, 2015, 4:59 PM EDT
It might help Thompson’s offense, too.
May 22, 2015, 4:15 PM EDT
Summer League is a perfect place for giving White another look.
May 22, 2015, 3:30 PM EDT
Give some credit to Stephen Curry and Klay Thompson, who got back on defense.
Report: Lakers have ‘big-time’ interest in signing DeMarre Carroll, Celtics and Pistons also in pursuit
May 22, 2015, 2:45 PM EDT
Would they pay him the $15 million per season one NBA executive estimated the Hawks forward could get in free agency?
Report: Tom Thibodeau believed to prefer sitting out next season rather than helping Bulls by accepting trade
May 22, 2015, 2:07 PM EDT
That could leave Magic, Pelicans, Bulls and Thibodeau in a bind
May 22, 2015, 1:28 PM EDT
Which probably means it’s his last in the NBA
Chandler Parsons won’t say whether his surgery was microfracture, might not be ready for training camp
May 22, 2015, 12:50 PM EDT
Tea leaves reading negative for Mavericks
May 22, 2015, 12:13 PM EDT
LeBron James poised for a big game
Report: Lakers not locked into drafting Karl-Anthony Towns or Jahlil Okafor, could pick a guard at No. 2
May 22, 2015, 11:38 AM EDT
That’d be D’Angelo Russell or Emmanuel Mudiay
May 22, 2015, 11:02 AM EDT
Consider it Riley’s revenge
May 22, 2015, 10:25 AM EDT
Is his injury more serious than previously thought?
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- PBT Extra: Give Warriors defense some credit for stop of Harden on last play 0
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- For two games James Harden has been brilliant, but that’s not what anybody is talking about 25
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