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.
Apr 21, 2015, 4:51 PM EDT
The twins were allegedly part of a group that beat up a man outside a rec league basketball tournament.
Apr 21, 2015, 4:14 PM EDT
Horford is going to have work to do on the defensive end slowing down Brook Lopez.
Apr 21, 2015, 3:30 PM EDT
Well done, Zach Randolph and the Memphis Grizzlies.
Apr 21, 2015, 2:43 PM EDT
Teletovic was originally ruled out for the season on Jan. 23.
Apr 21, 2015, 1:50 PM EDT
Is nothing sacred?
Nets coach Lionel Hollins isn’t focused on stopping Kyle Korver: ‘It’s not like we’re talking Stephen Curry’
Apr 21, 2015, 1:10 PM EDT
Korver led the Hawks with 21 points in Atlanta’s Game 1 win over the Nets.
Apr 21, 2015, 12:30 PM EDT
He’ll consider everything.
Apr 21, 2015, 11:50 AM EDT
Another report has Aldridge at no better than 50-50 to re-sign with the Blazers.
Apr 21, 2015, 11:10 AM EDT
Williams will be an unrestricted free agent this summer.
Apr 21, 2015, 10:26 AM EDT
Full voting results enclosed.
Apr 21, 2015, 9:50 AM EDT
Butler wasn’t wrong — he torched the Bucks for 31 points.
Bucks’ Zaza Pachulia ejected after two incidents with Bulls’ Nikola Mirotic, who left the game due to injury (VIDEO)
Apr 21, 2015, 9:10 AM EDT
Mirotic suffered a quad strain, a swollen knee and possibly a concussion.
Apr 21, 2015, 8:30 AM EDT
Klay Thompson was the catalyst for both big Golden State runs.
Apr 21, 2015, 8:00 AM EDT
It’s more around than over Pachulia, but it’s still impressive.
Apr 21, 2015, 1:37 AM EDT
Golden State wins Game 2, 97-87
Apr 21, 2015, 12:14 AM EDT
Pierce’s comments made him unpopular north of the border, but his play should bother the Raptors more.
Apr 20, 2015, 11:07 PM EDT
Jimmy Butler’s 31 points led the way.
Apr 20, 2015, 9:59 PM EDT
He was simply the most dominant player in Game 1 of the Mavericks vs. Rockets series.
Apr 20, 2015, 9:56 PM EDT
They did exactly that in Game 1.
Apr 20, 2015, 8:55 PM EDT
John Henson, O.J. Mayo, Jimmy Butler and Joakim Noah all got techs.
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