Skip to content

Report: NBA owners to approve sale of Bucks Thursday

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.

Latest Posts
  1. Report: Suns’ Morris twins charged with aggravated assault

    Apr 21, 2015, 4:51 PM EDT

    Phoenix Suns Media Day Getty Images

    The twins were allegedly part of a group that beat up a man outside a rec league basketball tournament.

  2. Hawks’ Al Horford says he will play in Game 2 despite finger injury

    Apr 21, 2015, 4:14 PM EDT

    Al Horford AP

    Horford is going to have work to do on the defensive end slowing down Brook Lopez.

  3. Brilliant spoof: Zach Randolph’s deep thoughts on cats, shirts, more

    Apr 21, 2015, 3:30 PM EDT

    Zach Randolph AP

    Well done, Zach Randolph and the Memphis Grizzlies.

  4. Nets list Mirza Teletovic as ‘probable’ for Game 2 vs. Hawks

    Apr 21, 2015, 2:43 PM EDT

    Brooklyn Nets v Sacramento Kings Getty Images

    Teletovic was originally ruled out for the season on Jan. 23.

  5. Report: Spurs might get a free agent meeting with LaMarcus Aldridge

    Apr 21, 2015, 11:50 AM EDT

    Denver Nuggets v Portland Trail Blazers Getty Images

    Another report has Aldridge at no better than 50-50 to re-sign with the Blazers.

  6. Raptors’ Lou Williams: ‘Staying in Toronto would be ideal for me’

    Apr 21, 2015, 11:10 AM EDT

    Toronto Raptors v Charlotte Hornets Getty Images

    Williams will be an unrestricted free agent this summer.

  7. PBT Extra matchup to watch: Can Toronto keep Paul Pierce quiet on the court?

    Apr 21, 2015, 12:14 AM EDT

    cd0ymzcznguwzdbhnduynddiytjhm2yyzthlmtjjotqwyyznptrkyze4nmfkytlhmjnjodc4mjk4mgq0nzixowuwndg2 AP

    Pierce’s comments made him unpopular north of the border, but his play should bother the Raptors more.

  8. PBT Extra matchup to watch: Dallas has to find a way to deal with Dwight Howard

    Apr 20, 2015, 9:59 PM EDT

    Tyson Chandler, Dirk Nowitzki, Dwight Howard Tyson Chandler, Dirk Nowitzki, Dwight Howard

    He was simply the most dominant player in Game 1 of the Mavericks vs. Rockets series.

Featured video

Mavericks need to contain Dwight Howard in Game 2
Top 10 NBA Player Searches
  1. D. Rose (5729)
  2. C. Parsons (5565)
  3. K. Durant (5280)
  4. P. George (5221)
  5. T. Splitter (4872)
  1. M. Conley (4853)
  2. L. James (4679)
  3. D. Lee (4635)
  4. K. Bryant (4518)
  5. S. Curry (4462)