May 14, 2014, 2:33 PM EST
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.
Mar 4, 2015, 8:00 AM EST
James passed Ray Allen to achieve his latest milestone.
Mar 4, 2015, 2:55 AM EST
Denver wins for its new coach.
Mar 4, 2015, 1:55 AM EST
Hawks fans booed Smith every time he touched the ball.
Mar 4, 2015, 12:15 AM EST
Tony Snell is not THAT good at getting open
Mar 3, 2015, 11:33 PM EST
Smith can’t stop shooting 3s, though, and you know how that ends
Mar 3, 2015, 10:50 PM EST
It was only a matter of time
Mar 3, 2015, 10:08 PM EST
Will he stay with Mavericks?
Mar 3, 2015, 9:08 PM EST
Denver should reciprocate
Mar 3, 2015, 8:08 PM EST
Boston reportedly also plans to try for Marc Gasol, Kawhi Leonard and Jimmy Butler
Mar 3, 2015, 7:20 PM EST
They say this was a one-time incident.
Mar 3, 2015, 6:34 PM EST
Yesterday’s Heat-Suns game got physical
Mar 3, 2015, 5:50 PM EST
The list for him is much longer than just two teams. Much longer.
Mar 3, 2015, 5:08 PM EST
What kind of team are they trying to build.
Mar 3, 2015, 4:04 PM EST
The Kings retired his No. 21 jersey.
Mar 3, 2015, 2:55 PM EST
Irving has missed two straight games with a shoulder strain.
Mar 3, 2015, 2:10 PM EST
Shaw was an assistant coach in Indiana before landing the head coaching spot in Denver.
Mar 3, 2015, 1:25 PM EST
Good news for OKC.
Mar 3, 2015, 12:38 PM EST
Nuggets are 20-39 this season.
Mar 3, 2015, 12:30 PM EST
Barnes isn’t wrong that the punishment for him doing something like this would have been much more severe.
Mar 3, 2015, 11:50 AM EST
Clippers have a reputation with the referees, which likely was why Redick was tossed for seemingly innocuous comments.
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