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Herb Kohl Announces Sale of Bucks

by
Wisconsin Senator Herb Kohl (D)
Wisconsin Senator Herb Kohl (D)

MILWAUKEE, WI (WHBL) - The proposed new owners of the Milwaukee Bucks say the fans deserve a winning team - and they plan to, "build a great team and beautiful arena."  Long-time owner Herb Kohl announced Wednesday that he'll sell the Bucks to New York hedge fund owners Marc Lasry and Wesley Edens for 550-million dollars.  Kohl said he would donate 100-million for the long-proposed arena to replace the B-M-O Harris Bradley Center.  Edens and Lasry said they'll put up another 100-million for the new building.  Bradley Center board chairman Marc Marotta said the donations provide "new momentum" for the arena project, and it will help the community for decades to come.  National pundits were surprised by the Bucks' sale price, considering Milwaukee's small-market status.  It's almost 150-million dollars more than what Forbes magazine estimated the team to be worth in January.  That estimate was 405-million, the lowest in the N-B-A.  The league's Board of Governors must approve the sale, but Kohl does not think it will happen this week.  He plans to introduce Edens and Lasry to other team owners today in New York.  In December, Kohl said he was looking for investors for partial ownership of the team he's held since 1985.  Asked why he's giving up total control, Kohl said he won't live forever, and he's comfortable with the new owners' commitment to Milwaukee.  Kohl made it a condition that the Bucks stay where they are.

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