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 31, 2014, 12:33 PM EDT
Like most “feuds,” once two rational people sit down and talk for a minute, everything dissipates.
Jul 31, 2014, 11:55 AM EDT
That means he’s signing with the Wizards, right?
Jul 31, 2014, 11:20 AM EDT
Barring another move, Toronto down to one roster spot for Lucas Nogueira or DeAndre Daniels
Jul 31, 2014, 10:41 AM EDT
“We think he’s one of the top players in the league and we need for him to be that five that nobody has.” —Mike Krzyzewski on Anthony Davis
Jul 31, 2014, 10:00 AM EDT
Palmer to marry celebrity hair stylist Tanya Stine
Jul 31, 2014, 9:22 AM EDT
Former Oregon State standout impresses with shot-blocking ability
Jul 31, 2014, 8:44 AM EDT
Jeremy Lin in a full-blown dance number. You know you want to see that.
Jul 31, 2014, 8:00 AM EDT
Hawks forward, now trying out for Team USA World Cup team, has come a long way
Jul 31, 2014, 12:04 AM EDT
A LeBron James-Kevin Love combo seems increasingly inevitable
Jul 30, 2014, 10:30 PM EDT
“His unique skill set makes him one of the best players in the game today.” —Pat Riley on Chris Bosh, who still is overpaid.
Jul 30, 2014, 8:59 PM EDT
Pat Riley got beat in free agency, and he doesn’t take losing well.
Jul 30, 2014, 8:00 PM EDT
Scott, not Mike Brown, would have followed Phil Jackson
Jul 30, 2014, 6:59 PM EDT
“He’s playing out of his mind. He’s being Derrick Rose.” —Anthony Davis on Rose.
Jul 30, 2014, 6:05 PM EDT
NBA reportedly wanted Bavetta to retire four years ago
Jul 30, 2014, 5:17 PM EDT
The elicits a shrug of the shoulders. Not much else.
Jul 30, 2014, 4:29 PM EDT
Thunder star texted Davis after winning the award last season: ‘You on your way to get it’
Tony Parker says skipping FIBA World Championships this summer was a way for him to ‘give back to the Spurs’
Jul 30, 2014, 3:41 PM EDT
Parker has played 91 extra games since his last summer break three seasons ago.
Jul 30, 2014, 2:59 PM EDT
“Guys that don’t have a reputation for playing hard defense are picking up full court.” —Damian Lillard on the level of play at Team USA training camp.
Jul 30, 2014, 2:19 PM EDT
Dallas originally signed Lewis, but voided his contract once it was discovered he would require knee surgery.
Jul 30, 2014, 1:34 PM EDT
Cleveland, Chicago, Indiana, Miami, Toronto and Washington all simply shake their heads.
- Anthony Davis steps into spotlight, is Team USA’s lynchpin 5
- Referee Violet Palmer comes out publicly as gay 22
- Report: Cavaliers last team standing in Kevin Love trade talks 71
- Pat Riley says he didn’t think LeBron was leaving, Heat can turn around quickly 53
- Coach K on Rose: “Derrick’s played great, not good, and hasn’t held anything back” 29
- Report: Anthony Bennett pulled from pro-am by agent, possibly due to his inclusion in Kevin Love trade talks 43
- Report: Sixers fighting against immediate changes to NBA Draft Lottery system 59
- Team USA going small ball, but how many bigs do they keep on the bench? 4