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Bucks expected to announce they are being sold

Milwaukee Bucks logo.
Milwaukee Bucks logo.

(WNFL)- The Milwaukee Bucks were expected to announce this afternoon that they're being sold. ESPN said Herb Kohl plans to sell the NBA franchise to hedge fund billionaires Wesley Edens and Marc Lasry for 550-million dollars. Kohl bought the Bucks for a relatively paltry 18-million back in 1985, to prevent the team from moving to Minnesota -- which did not have its own NBA franchise until 1989 when the Timberwolves were born. Kohl, who's approaching 80, said last December he was looking for investors who would commit to keeping the Bucks in Milwaukee. There's been talk that a sale would be conditional on the building of a new arena to replace the BMO Harris Bradley Center -- but we're not sure if that's in the cards for now. An ownership transfer would need NBA approval, and the league's Board of Governors is meeting tomorrow and Friday in New York. Edens is a co-founder of the Fortress Investment Group in New York, with over 60 billion dollars in assets. Lasry is the co-founder and CEO of the Avenue Capital Group, which had almost 14-billion in assets under management as of March 31st. The Bucks have not won an NBA championship since 1971, and they haven't made the Finals since '74. They came within one game of the Finals in 2001 -- and they have not gone beyond the first round since then. The Bucks are closing out their worst season in the team's 45-year history when they host Detroit tonight. Milwaukee is 15-and-66, with a 25-percent chance of getting the top overall draft pick in the May 20th Draft Lottery.

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