May 14, 2014, 2:33 PM EST
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.
Jan 28, 2015, 3:03 AM EST
I’d take this Finals matchup.
Jan 28, 2015, 12:17 AM EST
Lucas also previously played for Memphis
Jan 27, 2015, 11:33 PM EST
Hornets also reportedly had interest in Heat point guard
Jan 27, 2015, 10:51 PM EST
Buss would have turned 82 today
Jan 27, 2015, 10:09 PM EST
Heat blow lead to Bucks without star guard
Jan 27, 2015, 9:25 PM EST
Following Pistons basket, Cavaliers run awesome insta-fastbreak
Jan 27, 2015, 8:27 PM EST
One Clipper has a better chance than the other
Jan 27, 2015, 7:23 PM EST
The best news may be the return to the classic dunk contest format.
Jan 27, 2015, 6:50 PM EST
Barring any setbacks with hand injury
Jan 27, 2015, 5:59 PM EST
The Atlanta Hawks, is there anything they can’t do?
Jan 27, 2015, 5:15 PM EST
My gaming experience suggests you talk a lot of trash to the guy next to you.
Jan 27, 2015, 4:29 PM EST
Not a huge shock coming from Barnes.
Jan 27, 2015, 3:30 PM EST
It essentially uses increased jock tax revenue to pay off the bonds.
Jan 27, 2015, 2:40 PM EST
Shumpert dribbled it off his foot against the Thunder, then tweeted the clip.
Jan 27, 2015, 1:55 PM EST
Players like a routine, a rhythm to games, and the Lakers are chaos theory.
Jan 27, 2015, 1:10 PM EST
The East is so bad that the Pistons are still within reach.
Jan 27, 2015, 12:30 PM EST
This is the third consecutive year Bryant has had his season prematurely ended due to injury.
Jan 27, 2015, 11:50 AM EST
Hollins was reportedly not brought back in Memphis because of an aversion to the use of advanced statistics.
Jan 27, 2015, 11:10 AM EST
New York doesn’t want to offer Galloway any guaranteed money for next season.
Jan 27, 2015, 10:30 AM EST
Matt Barnes intentionally fouled Danilo Gallinari late, and Shaw believes free throws should have been awarded.
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