Following "just two winning seasons" since '01 and a franchise-worst 15-67 record in '13-14, Herb Kohl recognized that "the time was right" to sell the Bucks, according to Gary D'Amato of the MILWAUKEE JOURNAL SENTINEL. The losing "ate at" Kohl, who yesterday agreed to sell the team to hedge fund execs Wesley Edens and Marc Lasry for $550M. Kohl said, "I believe we're doing the right thing at the right time with the right people, and that good things will happen." D'Amato writes that even with the losing, Kohl "never lost his common touch," and he "didn't hide in an ivory tower." He "didn't watch games from a luxury suite or owner's box." Kohl "showed up for almost every home game in a green Bucks cap and often in a powder-blue sport coat, shaking hands with fans as he made his way to his seat." Kohl said, "When you don't win enough it's disappointing. Your energy level goes down. Your enthusiasm. Because you're in it to win." Kohl said his role with the team going forward would be as an "advocate" for the Bucks and a new downtown arena. Kohl: "I'll be an advocate but there are a lot of things I want to do, philanthropic things" (MILWAUKEE JOURNAL SENTINEL, 4/17).
DIFFICULT DAY FOR KOHL: FS Wisconsin's Jon McGlocklin noted it was "very difficult" for Kohl to give up control of the team because he "loves his family, the Milwaukee Bucks, but he did what was best for the team, knowing this team has to have young leadership moving into the future and this community has to get behind that and grow this team." FS Wisconsin's Jim Paschke said, "What he did today was for all of us, and we hope that you appreciate that" ("Hawks-Bucks," FS Wisconsin, 4/16). NBA TV's Stu Jackson said, "He easily could have gotten a higher price from another group, but the team would have moved. Good for him” (“NBA Gametime,” NBA TV, 4/16). In Madison, Tom Oates wrote Kohl with the sale "gave the Bucks a chance to survive and perhaps even thrive in Milwaukee, setting up the team’s long-term future here in a way he never could have done as its sole owner." After talking to "about 10 potential ownership groups, Kohl ... made sure the franchise has new owners who are both well-heeled and committed to keeping the Bucks in Milwaukee." Oates: "Ominously, no one spoke of any contractual assurances that the Bucks would remain in Milwaukee if no agreement is reached on a new arena" (MADISON.com, 4/16).
STAYING PUT? Kohl said that the Bucks "hope to receive a two-year extension on the NBA’s 2017 deadline to build a new arena that meets the league’s contemporary standards." Kohl: "We got some additional time before we have to deliver." But Bucks Exec VP/Business Administration Ron Walter clarified Kohl's comments, saying that the Bucks "anticipate the NBA will allow additional time for a new arena if significant progress is made toward finalizing a plan for a new building in the next 18 months" (BIZJOURNALS.com, 4/16). In Milwaukee, Michael Hunt writes, "Now the trust game begins." Edens and Lasry gave "every indication that they are committed to keeping the Bucks in Milwaukee," and there is "no reason to doubt their sincerity at the moment." But "cautionary tales being what they are, you'd feel 50% better about it if all the arena money was in hand" (MILWAUKEE JOURNAL SENTINEL, 4/17).
CREDIT WHERE IT'S DUE: A MILWAUKEE JOURNAL SENTINEL editorial states of Kohl, "Give the former U.S. senator credit for showing his business smarts in working this out and for recognizing that it was time to step aside for a younger generation of ownership. And for another generous gift -- one of many -- to his beloved community." Edens and Lasry "will keep the team in Milwaukee -- if a new arena is built." But otherwise, they will take their $100M and "go elsewhere." The editorial: "Take that to the bank." A new arena will cost at least $400M, which "means public money will be essential." Kohl said, "The future depends on getting to a new facility -- I believe it is in the public interest." But it is "still a hard sell when an aversion to taxes is baked into any political decision in Wisconsin" (MILWAUKEE JOURNAL SENTINEL, 4/17). Kohl said, "Public officials are very concerned about voting on sales taxes or whatever. Understandably." He added, "The more money we can bring to the table before we go to the public, obviously, the better it will be. ... Ultimately, if we don't get to a new arena, yes, we will lose our team. The money will go away" (MILWAUKEE JOURNAL SENTINEL, 4/17).
LEAVING A LEGACY: Kohl said of plans plans to donate $100M to a new arena, "I'm making a pure gift. There's no return from it financially." Kohl said that he "wants the next arena’s name to be available for naming rights." Kohl: "If they named it after me, they would be forgoing naming rights money. And I wouldn’t do that because they need that money. So, no, it’s not going to be" (BIZOURNALS.com, 4/16). NBA.com's Jon Hartzell writes under the header, "Kohl Manages To Save The Bucks ... Again." This "isn't the first time Kohl has stepped up to keep the Bucks in Milwaukee" (NBA.com, 4/17). SPORTS ON EARTH's Colin McGowan writes of Kohl, "Bucks fans will thank him for doing everything he could to keep the team in the city, and they’ll be glad it worked out, but they might also be pleased to see him move on" (SPORTSONEARTH.com, 4/17).
SLEEPLESS IN SEATTLE: In Seattle, Rob Smith wrote the sale of the Bucks "leaves Seattle with no imminent prospects for an NBA team" (BIZJOURNALS.com, 4/16). SPORTS ON EARTH's McGowan writes, "Not long ago, it looked like the Bucks might be headed to Seattle, but once the NBA signs off on this deal, the franchise will be safe from relocation for the foreseeable future" (SPORTSONEARTH.com, 4/17).
