Herb Kohl Announces Sale Of Bucks To Pair Of Hedge Fund Execs

The Bucks today announced that Owner Herb Kohl "has reached an agreement to sell the team" to Fortress Investment Group co-founder Wesley Edens and Avenue Capital Group Chair & CEO Marc Lasry for a purchase price of about $550M. Kohl "made keeping the team in Milwaukee a condition of the sale" (ESPN.com, 4/16). It "could not be immediately determined" if the NBA BOG, which meets tomorrow and Friday, "will take up the Bucks' sale" (JSONLINE.com, 4/16).

As part of the deal, Kohl pledged a $100M gift for the development of a new arena in Milwaukee, while the new owners have committed to contribute at least an additional $100M towards a new venue (Bucks). The sale price "was well beyond the reach of prospective local investors." But a source said that it is "possible local investors might hold a small percentage of the team," similar to Mark Attanasio’s arrangement with local Brewers stakeholders (BIZJOURNALS.com, 4/16).