NBA News 2014: Milwaukee Bucks on Sale for $550 Million

Senator Herb Kohl is selling the Milwaukee Bucks, according to a Fox Sports report. The announcement was made on April 16, 2014 at a press conference at the BMO Harris Bradley Center. After 29 years, the NBA team will be under new ownership. Kohl said that he agreed with Wesley Edens and Marc Lasry to sell the team for around $550 million.

The NBA has to approve the sale first before the transfer will officially take effect. League owners comprised of the NBA Board of Governors will hold a meeting on April 17 to 18, 2014 to discuss the possibility and details of the purchase in New York.

Edens and Lasry are hedge-fund billionaires based in New York. Lasry said that they are very interested in acquiring the team and aim to take the Bucks to the next level, even to the point of winning the NBA crown for the city. He shared, "I wish you guys could understand how excited we are and how much we really want to end up building and helping this community and trying to build the Bucks into a phenomenal team again."

According to Bleacher Report, the franchise will stay in Milwaukee, a requirement stipulated by Kohl when they entered the purchasing agreement. Edens and Lasry will also add $100 million to develop a brand new arena in Milwaukee to promote home games. Senator Kohl also pledged $100 million to a new arena.

Kohl owned the Bucks since 1985, primarily aiming that the team remain in Wisconsin. Since legislature has been very strict and did not give in to requests that a new stadium be built for the basketball fans of the city, the transfer is a viable solution that will satisfy Bucks and NBA fans everywhere. The new arena will replace the old Bradley Center.

Wisconsin Governor Scott Walker also shared his delight in knowing that the Bucks will remain in the state. He intends to help the team and other related developments in the coming months, according to ESPN.