Milwaukee Bucks president and owner Herb Kohl today announced that he has entered into a signed purchase agreement to transfer ownership of the Bucks to Wesley Edens and Marc Lasry. Under the terms of the agreement, Edens and Lasry have agreed to buy the team for a total purchase price of approximately $550 million.
Senator Kohl has pledged a $100 million gift for the development of a new arena for the team. In addition to honoring Kohl’s requirement that the team be kept in Milwaukee, the new owners have committed to contribute at least an additional $100 million toward the development of a new arena in the city.
“My priority has always been and will continue to be keeping the Bucks in Milwaukee,” Kohl said. “This announcement reinforces that Milwaukee is and will continue to be the home of the Bucks. Wes and Marc agree, and they share my commitment to the long-term success of this franchise in Milwaukee.”
“We would like to thank Senator Kohl and his team for their support and cooperation throughout the purchase process,” Edens and Lasry jointly stated. “The Senator has provided the Bucks with nearly 30 years of dedicated stewardship, and we are very excited to join Bucks fans, the city of Milwaukee and the NBA to build the long-term success of this franchise. Having attended various sporting events in Milwaukee and Green Bay over the years, it is easy to see why the greater-Milwaukee area is such a storied sports atmosphere.”