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.
Feb 1, 2015, 12:30 AM EST
Jan 31, 2015, 11:00 PM EST
Three misses and a frustration foul on a single possession.
Jan 31, 2015, 9:30 PM EST
Minnesota fans boo Love during pregame intros, cheer him during tribute video
Jan 31, 2015, 8:00 PM EST
Jan 31, 2015, 6:30 PM EST
Kanter was dismissive of both Klay Thompson and Andrew Bogut before Friday night’s win.
Jan 31, 2015, 5:00 PM EST
Cleveland plays the Timberwolves in Minnesota on Saturday.
Jan 31, 2015, 3:59 PM EST
Jan 31, 2015, 3:21 PM EST
With Ricky Rubio, Nikola Pekovic and Kevin Martin back in the rotation the Timberwolves will not be such a pushover.
Jan 31, 2015, 2:00 PM EST
Green being unexpectedly held out led some to speculate that he might be dealt.
Jan 31, 2015, 12:30 PM EST
They’re not winning, but they still produce some highlight plays.
Jan 31, 2015, 11:00 AM EST
The tenth in Bryant’s signature line returns to a low-top silhouette, and the first colorway is inspired by Kobe’s early morning high dive as he recovered from Achilles surgery.
Jan 31, 2015, 9:30 AM EST
Denver’s offer of J.J. Hickson and JaVale McGee isn’t enough for Brooklyn to pull the trigger — especially with Lopez coming off of a 35-point, 12-rebound performance against the Raptors.
Jan 31, 2015, 8:00 AM EST
Those two together at this stage of their careers are a poor fit together.
Jan 31, 2015, 12:36 AM EST
Balance and defense win the day.
Jan 31, 2015, 12:01 AM EST
180 or 360?
Jan 30, 2015, 10:59 PM EST
It took Kobe Bryant being injured for Cousins to make the squad.
Jan 30, 2015, 9:49 PM EST
If it can happen to Duncan….
Jan 30, 2015, 8:45 PM EST
Robin Lopez has a long rap sheet of mascot abuse.
Jan 30, 2015, 7:51 PM EST
Jeff Green could get more run.
Jan 30, 2015, 6:56 PM EST
This is not a serious injury, but they will miss him defending Blake Griffin.
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