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.
Jul 2, 2015, 12:01 AM EDT
Good value for Boston
Jul 1, 2015, 11:27 PM EDT
The Warriors are keeping the band together — and they will be at the top of the West for a while.
Jul 1, 2015, 11:27 PM EDT
Philadelphia takes Jason Thompson, Carl Landry from Sacramento
Jul 1, 2015, 11:04 PM EDT
Asik will take some pressure off Anthony Davis
Jul 1, 2015, 9:57 PM EDT
Neither are the Pacers
Jul 1, 2015, 9:00 PM EDT
Not a good idea
Jul 1, 2015, 7:53 PM EDT
The Brad Stevens Effect
Jul 1, 2015, 7:40 PM EDT
Cleveland continues to soar over luxury-tax lines
Jul 1, 2015, 7:34 PM EDT
Would Paul Pierce agree to this if DeAndre Jordan were leaving town?
Jul 1, 2015, 7:07 PM EDT
Millsap had been flirting with Orlando but chose a shorter deal in Atlanta.
Jul 1, 2015, 7:04 PM EDT
Will Wright back up or replace Marc Gasol?
Jul 1, 2015, 6:43 PM EDT
Will that be enough to get Aldridge back to Portland?
Jul 1, 2015, 6:31 PM EDT
He is using this to leverage the Cavaliers, but the door is open.
Jul 1, 2015, 6:07 PM EDT
This is a contract the Thunder can live with or move, depending.
Jul 1, 2015, 4:51 PM EDT
Even if another team signs him to an offer sheet, the Warriors will just match it.
Jul 1, 2015, 4:47 PM EDT
Aldridge and Kobe Bryant didn’t quite click in their meeting.
Jul 1, 2015, 4:14 PM EDT
The Suns look like a team ready to run again.
Jul 1, 2015, 4:11 PM EDT
Boston gets nice value on a short-term frontcourt upgrade.
Jul 1, 2015, 3:09 PM EDT
The road to the NBA Finals out of the East — and maybe to the Larry O’Brien trophy itself — goes through Cleveland.
Jul 1, 2015, 2:55 PM EDT
Love returns, just as he maintained all season long.
- Report: Warriors, Draymond Green agree to five-year, $85 million deal 7
- 76ers get Nik Stauskas, first-rounder in salary-dump trade with Kings 12
- Report: Pelicans finalizing deal with Omer Asik 2
- Reports: Paul Pierce agrees to three-year, $10 million contract with Los Angeles Clippers 20
- Report: LaMarcus Aldridge rules out Lakers in free agent decision 97
- Reports: Phoenix Suns sign Tyson Chandler, re-sign Brandon Knight, try to reshape roster 11
- Kevin Love will return to Cavaliers, contract is reportedly $110 million over five years 78
- Report: Spurs reach deal to trade Tiago Splitter to Hawks, create cap space for LaMarcus Aldridge offer 27