May 14, 2014, 2:33 PM EDT
This was expected to happen soon — if you find guys willing to spend $550 million on the Milwaukee Bucks, you jump on it.
The NBA found that with hedge fund billionaires Wesley Edens and Marc Lasry and those two are expected to be approved by the owners on Thursday, reports Brian Windhorst of ESPN.
In the wake of the Donald Sterling scandal, there was a push within the league to have an extra thorough vetting of the new owners, sources said. That process, however, is complete and the league’s Board of Governors will approve the transaction that was initially signed last month.
The timing of the sale will allow Edens and Lasry to take control of the team before next Tuesday’s draft lottery in New York, which was a priority. The Bucks, at 25 percent, have the highest odds to win the lottery after an NBA-worst 15-67 season. The high draft choice in what is expected to be a deep draft was one of the attractive selling points of the team.
The lottery will be exciting, but that’s not where the real work with the Bucks will be — they need a new arena.
Edens and Lasry have said they would pitch in $100 million toward a new arena, and soon-to-be former owner Herb Kohl has pledged $100 million. That’s a lot of cash, but it’s only about two-fifths of what will be needed. Edens and Lasry need to find the other money (likely trying convince the local or state government to pitch in, which will be a tough sell), then they need to get a location and start the approvals process.
The deadline is 2017, when the Bucks current lease is up.
If a new arena deal is not in place, the sale agreement says the league can buy the Bucks back from Edens and Lasry for $575 million. That would prevent them from just moving the team or trying to flip it.
Sep 23, 2014, 2:38 PM EDT
Adam Silver also says league isn’t looking into owners’ pasts
Sep 23, 2014, 2:02 PM EDT
Pierce signed for mid-level exception with Wizards
Sep 23, 2014, 1:26 PM EDT
James reportedly received guaranteed contract
Sep 23, 2014, 12:50 PM EDT
Not a lot of people will see the building from above, and it’s early in the process, but…. that’s not pretty.
Sep 23, 2014, 12:15 PM EDT
The many times Toronto and Kyle Lowry could have blown it with each other
Sep 23, 2014, 11:38 AM EDT
He’s already the best midrange shooter in the game.
Sep 23, 2014, 11:00 AM EDT
Heat guard getting style from fictional Miami serial killer
Sep 23, 2014, 10:00 AM EDT
Pacers ready for season without Paul George, Lance Stephenson
Sep 23, 2014, 9:30 AM EDT
Lamb, after playing for Bucks and Magic, likely to fall out of NBA following training camp
Sep 23, 2014, 9:00 AM EDT
Reed, previously a member of Kings and Grizzlies, in line to compete for roster spot
Sep 23, 2014, 8:30 AM EDT
He’s better than Charles Barkley already at this.
NBA’s rookie transition program presents information in a compelling way in order to promote real discussion
Sep 23, 2014, 8:00 AM EDT
Initially uncomfortable information is presented in order to create a dialogue on real-life scenarios, which helps prepare rookies for their initial steps into the NBA life.
Sep 23, 2014, 2:25 AM EDT
Monday tipped-off a series of NBA Cares and charitable events around the New York area tied to the All-Star Game.
Sep 23, 2014, 12:15 AM EDT
Wyc Grousbeck also says he wants Boston to keep point guard long term
Sep 22, 2014, 11:20 PM EDT
Before every game he is throwing the panda head into the crowd.
Sep 22, 2014, 10:33 PM EDT
Charlotte also adds Justin Cobbs, who went undrafted out of Cal
Sep 22, 2014, 9:45 PM EDT
Mohammed gives Chicago 14 players
Sep 22, 2014, 8:30 PM EDT
Ellington, who played for Scott with Cavaliers, received partially guaranteed contract
Sep 22, 2014, 7:40 PM EDT
It’s not going to change anytime soon, either.
Sep 22, 2014, 6:44 PM EDT
David Stockton, an undrafted free agent out of Gonzaga, also worked out for Thunder
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