May 15, 2014, 6:50 PM EDT
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.
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