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.
May 30, 2015, 12:30 PM EDT
May 30, 2015, 11:00 AM EDT
Report also says it’s expected that Wade and the Heat will work things out.
May 30, 2015, 9:30 AM EDT
He played good defense in the conference finals, the numbers show.
May 30, 2015, 8:00 AM EDT
He’s the frontrunner right now.
Doc Rivers on report that Chris Paul and DeAndre Jordan had a falling out: ‘I can put this to rest: They get along great’
May 30, 2015, 12:01 AM EDT
It’s literally Rivers’ job to quash these types of rumors.
May 29, 2015, 11:00 PM EDT
Why should he?
May 29, 2015, 10:00 PM EDT
Sefolosha suffered a leg fracture during a police incident that kept him from participating in the playoffs.
May 29, 2015, 9:00 PM EDT
Would you pay $700 for two pairs of sneakers?
May 29, 2015, 8:00 PM EDT
Jeff Hornacek remains in charge, but there has been some shuffling among his assistants.
May 29, 2015, 7:01 PM EDT
There are questions about the future of Josh Smith, Patrick Beverley and others with the team.
May 29, 2015, 6:15 PM EDT
The two most popular players in the NBA this season (with Kevin Durant out) go head-to-head on the NBA’s biggest stage.
May 29, 2015, 5:29 PM EDT
Cleveland’s defense has looked better in the playoffs than it has all season, but starting next Thursday it will get the biggest test it has had all season.
May 29, 2015, 4:53 PM EDT
Skiles is a former Magic player from 1989 through 1994.
May 29, 2015, 4:30 PM EDT
Ayesha Curry cooks, Stephen Curry tastes, and Riley Curry points out raspberry-sauce spills
May 29, 2015, 3:45 PM EDT
Would hiring Thibodeau really a wise call by the Pelicans?
May 29, 2015, 3:09 PM EDT
The NBA needs to review this process going forward.
May 29, 2015, 2:14 PM EDT
Warriors guard passed, but not enough time had passed to determine his health
May 29, 2015, 1:25 PM EDT
Atlanta guard expected to miss 3-4 months
May 29, 2015, 12:43 PM EDT
Believable, but is that why it’s believed?
May 29, 2015, 12:04 PM EDT
Varejao was slated to miss the entire season with an Achilles tear
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