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 23, 2014, 5:38 PM EDT
If Kevin Love goes to Cleveland does that impact Ray Allen’s decision?
Jul 23, 2014, 5:09 PM EDT
Numbers show a substantial increase in popularity.
Jul 23, 2014, 4:25 PM EDT
Exum is a project but he also could be the point guard of the future in Utah.
Jul 23, 2014, 3:40 PM EDT
“I was about to get him kicked out of the camp,” Wade joked.
Jul 23, 2014, 2:56 PM EDT
Good pickup to add some depth at the point, something Dallas needed unless you’re expecting a monster bounce-back season for Raymond Felton.
Jul 23, 2014, 2:09 PM EDT
Is it better than the offer being put together by the Cavaliers?
Jul 23, 2014, 1:30 PM EDT
He was given community services, which he can complete in Dallas where he was traded.
Jul 23, 2014, 12:55 PM EDT
Waiters will continue to be rumored to be available until he proves he can fit in with Kyrie Irving.
Jul 23, 2014, 12:15 PM EDT
Dallas was counting on him for bench depth and now will be looking to replace that help in a depleted market.
Jul 23, 2014, 11:37 AM EDT
Minnesota wants to dump some bad contracts as part of the deal, and Cleveland isn’t taking them.
LeBron James sent cupcakes to Akron neighbors to apologize for commotion caused by his free agent decision
Jul 23, 2014, 11:01 AM EDT
People descended upon LeBron’s neighborhood as rumors swirled.
Jul 23, 2014, 10:21 AM EDT
Stackhouse coached against Hollins at adidas Eurocamp in Italy this summer.
Jul 23, 2014, 9:47 AM EDT
LeBron has used more than just physical gifts to become all-time great NBA player
Jul 23, 2014, 9:16 AM EDT
Pacers center needs confidence more than a skyhook
Jul 23, 2014, 8:45 AM EDT
Russ Smith had a nice Summer League.
Jul 23, 2014, 8:00 AM EDT
Dallas, seeking third point guard, has already met with Mo Williams
Jul 23, 2014, 1:00 AM EDT
As Cavaliers position themselves for Kevin Love trade, now was the time to sign No. 33 pick
Jul 23, 2014, 12:00 AM EDT
Bzdelik, who most recently coached Wake Forest, previously served as Nuggets head coach
Jul 22, 2014, 11:20 PM EDT
Bieber wearing a Nets hat, so you know what that means…
Jul 22, 2014, 10:20 PM EDT
Donald’s lawyer says ruling might not come for years
- Report: Jameer Nelson near $2.7 million deal to join Dallas Mavericks 8
- Report: Mavericks void Rashard Lewis’ contract after it’s discovered he needs knee surgery 8
- Report: Sixers, Nuggets or Celtics could become third team in Kevin Love trade to Cavaliers 40
- Five biggest surprises from Summer League 12
- Justin Bieber and Kevin Durant share brunch (photo) 22
- Clippers CEO: If Sterling remains owner then Doc Rivers, players, sponsors all ready to bolt 60
- Report: Cavaliers trying to acquire other players to put in Kevin Love trade 60
- Report: Bulls making push to trade for Kevin Love 73