From NBA.com staff reports
The Milwaukee Bucks face an uncertain future — as detailed here by our own Jon Hartzell — as current owner Herb Kohl seeks a new owner who will help keep the team in town and secure a new arena to replace the dilapidated BMO Harris Bradley Center.
A new arena for the Bucks remains up in the air, but it looks like a new owner may be on board. ESPN.com’s Marc Stein first reported today that Kohl has reached an agreement to sell the team to a pair of investors:
The Milwaukee Bucks will announce later Wednesday that longtime owner Herb Kohl has reached an agreement to sell the team to Wesley Edens and Mark Lasry for a purchase price of $550 million, according to sources familiar with the transaction.
Sources told ESPN.com that the deal, subject to league approval, will be confirmed in an afternoon news conference.
The Bucks have a news conference scheduled for 3:30 p.m. ET today, presumably to announce this transaction.
Reports out of Milwaukee indicate Kohl planning to use sale proceeds & re-invest in new arena. Once gave $25M for arena at Univ of Wisconsin—
Brian Windhorst (@WindhorstESPN) April 16, 2014
Kohl made keeping team in Milwaukee a condition of the sale to the hedge-fund billionaires, whose purchase now subject to league approval—
Marc Stein (@ESPNSteinLine) April 16, 2014
Milwaukee Bucks President and Owner Herb Kohl to Make Major Announcement Regarding the Future of the Milwaukee Bucks Franchise at 2:30pm.—
Milwaukee Bucks (@Bucks) April 16, 2014