The 3rd Man In

Herb Kohl sells the Milwaukee Bucks

A search for new investors in the Milwaukee Bucks has ended. A group of investors led by New York billionaires Wesley Edens and Marc Lasry have agreed to purchase the Bucks for $550 million, pending league approval at the next Board of Governors meeting. Edens and Lasry also announced that they would contribute at least $100 million towards a new arena.

Senator Herb Kohl has owned his hometown team since 1985 when he purchased the Bucks for $18 million to make sure they stayed in Milwaukee. Since then he has made it known that the Bucks are here to stay in Milwaukee, and always put a significant importance on constructing a new multipurpose arena.

Because of his commitment to this organization and a new arena, Kohl has said that he will give $100 million towards the new facility.

This is a monumental day for the Bucks’ organization, as now they are looking towards a positive future in Milwaukee, hopefully filled with NBA Championships.

Edens, 52, is the founder of Fortress Investment Group LLC, a publicly traded private equity firm, in New York City.

Lasry, 53, is the co-founder of Avenue Capital Group and billionaire hedge fund manager. He nearly left the firm last year when Barack Obama offered him the opportunity to be the United State’s ambassador to France. Larsy is a well-known Democratic Party supporter.

Together Edens and Lasry are combinded to be worth around $3 billion by Forbes. It is still unknown whether there will be any minority owners joining this group.

The Bucks are currently finishing up their worst season in team history tonight, and to have this news announced today makes the final game of the season a little more exciting.

The future is bright for the Bucks here in Milwaukee, and while they still need a new arena, with already $200 million pledged towards it, I would be shocked if one did not get built. Edens and Lasry have some work to do, but with some young talent on the roster and one of the top picks in the NBA Draft, it will not be long until they are a competitive franchise once again.

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