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 2, 2015, 1:40 AM EDT
Kaman can expect to write the league a check for this.
Apr 2, 2015, 12:05 AM EDT
Lakers clear roster spot to sign Jabari Brown to multi-year deal
Apr 1, 2015, 11:20 PM EDT
Harden leads Rockets over Kings
Apr 1, 2015, 10:42 PM EDT
Did Lopez travel?
Apr 1, 2015, 10:11 PM EDT
Cavaliers don’t see big deal in report
Apr 1, 2015, 9:15 PM EDT
And he’s playing through it!
Apr 1, 2015, 8:20 PM EDT
Texas reportedly focused on Shaka Smart
Apr 1, 2015, 7:29 PM EDT
Jordan Brand keeps with the Space Jam theme in advance of this weekend’s retro releases.
Apr 1, 2015, 7:04 PM EDT
Oubre a potential lottery pick
Apr 1, 2015, 6:15 PM EDT
He’s a bubble first round pick.
Apr 1, 2015, 5:33 PM EDT
He had only played in one of the last dozen Heat games.
Apr 1, 2015, 4:51 PM EDT
Seen at Summer League he was project, we’ll see how far along he has come.
Apr 1, 2015, 4:21 PM EDT
Curry is going to win this award. More than that, he’s earned it.
Apr 1, 2015, 3:15 PM EDT
Anderson has missed the last 18 games due to injury, and New Orleans is trying to catch OKC for the final playoff spot in the West.
Apr 1, 2015, 2:30 PM EDT
A 16th during the regular season would mean a one-game suspension.
Apr 1, 2015, 1:50 PM EDT
Stephenson didn’t play in his team’s last game as a result of the coach’s decision.
Apr 1, 2015, 1:10 PM EDT
Not as devastating as the one that’s made the rounds, but deadly nonetheless.
Apr 1, 2015, 12:30 PM EDT
We know it’s LeBron’s world in Cleveland, but this makes Blatt look a bit silly.
Apr 1, 2015, 11:50 AM EDT
This isn’t the first time one of the Clippers has publicly pointed out the obvious.
Apr 1, 2015, 11:10 AM EDT
The rivalry continues.
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