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NBA Board of Governors unanimously approves sale of Milwaukee Bucks

May 15, 2014, 6:50 PM EDT

Herb Kohl Herb Kohl

The sale of the Milwaukee Bucks to Wesley Edens and Marc Lasry has been unanimously approved by the NBA’s Board of Governors, the league announced on Thursday via official release.

“We are pleased that Wes Edens and Marc Lasry have been approved as the new owners of the Milwaukee Bucks,” said NBA Commissioner Adam Silver.  “The Bucks and their fans will benefit greatly from their vast business experience, energy and strong commitment to Milwaukee.  I would like to thank Senator Kohl again for his unprecedented and historic financial gift toward the construction of a new Milwaukee arena and for his outstanding service to the league and his community over his nearly 30-year tenure.”

Kohl has pledged $100 million toward building a new arena in Milwaukee, which is a key component to this deal. Silver has maintained a strong desire to keep the franchise from being moved, so much so that there’s a clause in this deal that would allow the league to buy back the team if an arena deal isn’t in place by November of 2017.

The timing of the approval and transfer of ownership is important in terms of how the team handles a critical offseason. The Bucks finished with the worst record in the league this past season, and have the most chances at securing the number one overall pick in this summer’s draft through the NBA Draft Lottery, which takes place early next week.

  1. Dogsweat - May 15, 2014 at 7:35 PM

    Kansas City Bucks

    • bougin89 - May 16, 2014 at 10:08 AM

      Well the Bucks already have 2/5’s of the arena’s cost pledged by the owners and Herb Kohl. If they build a new arena the Bucks won’t be the only team to play there. Marquette will make a generous gift, sponsors will put up money, naming rights will go for a nice chunk, etc. etc.

      It’s more likely than not that a new arena gets built in Milwaukee.

      • Dogsweat - May 16, 2014 at 2:52 PM

        Send the Bucks to Seattle, nobody cares about Basketball in Wisconsin. Brewers and Packers along with the Badgers. That’s it. The Sucks will move.

      • bougin89 - May 16, 2014 at 3:50 PM

        Yeah, that’s not correct. I would admit that the Bucks are third behind the Packers and Brewers for professional sports teams but that’s because the NBA is behind the NFL and MLB in general. No different anywhere, much less Wisconsin.

      • Dogsweat - May 16, 2014 at 4:29 PM

        The Sucks are not (repeat) followed or cared about in Wisconsin, I have someone close to me in Southern Wisconsin, and they want them to go, Wisconsin should have an NHL team instead. Get rid of the Sucks, sell them to a city that is dying for the NBA-like KC or Seattle. Kansas City is the best choice, because they could stay in their division.

      • Dogsweat - May 16, 2014 at 4:30 PM

        Doubt it, the natives don’t want the NBA in Wisconsin, they want the NHL.

      • bougin89 - May 16, 2014 at 5:19 PM

        What is it that you doubt? The new Arena will be a business decision and they will be able to raise enough money. They will hold concerts there, NCAA tourney which is currently held at the Bradley Center will be shifted there and with a new arena possible more NCAA tournament play will be held there, Marquette plays there, etc. etc. The Bucks have been popular in Wisconsin when they are relevant on the court. It’s no secret we’ve been on a dry spell…

      • Dogsweat - May 16, 2014 at 6:06 PM

        The dry spell is that the Sucks are not wanted win or lose, because the state (like the South) loves it’s football, then baseball.

        Sucks gear doesn’t even sell in it’s own region.

        KC would sell out and cherish this franchise..

      • bougin89 - May 19, 2014 at 8:17 AM

        Wow, you are incredibly uninformed. Thanks for repeating that the NBA is is behind the NFL and MLB…I’ve already covered that. No small market team would sell out when they are the worst team in the league. Milwaukee can draw a big crowd when they are competitive, that’s been proven. I live in central WI. Among basketball fans the Bucks are still cared about, we’re just sick of them being stuck in the middle. Most of my friends were happy they tanked this year, it’s our only chance at getting a superstar. Thanks for your completely uninformed take though. Bye now.

  2. csbanter - May 15, 2014 at 8:01 PM

    I hope the Bucks get the number pick, but they’re due. Comm. Silver please adopt the draft style of the NFL worst team gets 1st pick. Getting the second pick would be awful just ask the teams that drafted Evan Turner, Hasheem Thabeet how did that work out.

  3. jerdogthompson - May 15, 2014 at 8:37 PM

    Man, talk about getting my hopes up. I was hoping it read “unanimously votes to remove Donald Sterling as owner of Clippers”. Soon, very soon it will.

    #InDocwetrust

  4. DJ MC - May 15, 2014 at 9:17 PM

    I like that you took the optimists view of the buyback clause, as opposed to what it likely really means: that if no arena deal happens, the NBA can buy the team back from the new owners, say, “Well, we tried,” and see what untold billions Hanson and Ballmer are willing to offer at that time.

  5. Dogsweat - May 15, 2014 at 10:13 PM

    Captain Stubing sold the Bucks?

  6. boiler72 - May 15, 2014 at 11:40 PM

    F U, Kansas City. You ain’t getting squat. You also aren’t getting hockey, because the Nordiques are coming back to Quebec. Go Bucks. Go Nordiques.

    • Dogsweat - May 16, 2014 at 3:06 AM

      Bucks are gone, Seattle or KC.

      • boiler72 - May 16, 2014 at 5:40 PM

        Nope. You’re done, you’re out.

      • Dogsweat - May 16, 2014 at 5:50 PM

        Your out. You don’t like truth, stop reading, try working out your anger issues. I have family in Madison, and the Sucks are as good as gone.

        KC has a beautiful arena waiting.

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