MILWAUKEE – Herb Kohl, the owner of
the Milwaukee Bucks, on Wednesday announced he plans to sell the
basketball team to two hedge-fund billionaires for $550 million.
Kohl intends to sell the team to private equity investors Marc
Lasry and Wesley Edens. Lasry and Edens pledged $100 million
toward the development of a new arena, and Kohl pledged an
additional $100 million.
The transaction must be approved by the NBA’s board of
Edens is the co-founder of New York-based Fortress Investment
Group LLC. The firm has $61.8 billion in assets under
management, according to U.S. Securities & Exchange Commission
Lasry is the chairman, CEO and co-founder of Avenue Capital
Group. The firm had $13.6 billion in assets under management as
of March 31.
In December, Kohl announced he was searching for additional
investors to take the franchise in the future. He made a
condition of sale that the team would remain in Milwaukee.
Kohl purchased the Bucks for $18 million in 1985 and has owned
the team for 29 seasons.