Bucks owner Herb Kohl will reportedly announce on Wednesday that he is selling Milwaukee's NBA team to Wesley Edens and Marc Lasry for $550 million, according to tweets from ESPN's Marc Stein.
One condition of the sale, according to Stein, is that Edens and Lasry -- New York-based hedge-fund billionaires -- have to keep the team in Milwaukee. The deal is now subject to league approval, as Stein reported.
In December, it was reported that Kohl was looking for new investors in the team as part of his effort to replace the Bucks' current stadium downtown, the BMO Harris Bradley Center, where they have played since 1988. Then-commissioner David Stern said if Kohl is able to secure a new stadium, then it would assure "the fans of Wisconsin will enjoy NBA basketball and other events in a new state-of-the-art facility."
The 79-year-old Kohl, a former U.S. senator from Wisconsin, purchased the team in 1985. The $550 million tag marks a 27 percent increase from the $405 million that Forbes estimated the Bucks to be worth. Edens and Lasry have a combined net worth of approximately $3 billion, according to Forbes.
The news comes as the team wraps up its season on Wednesday with a home game against the Atlanta Hawks. Regardless of the outcome, the team will finish the season with the worst record in the NBA -- currently 15-66 -- but are poised to have a possible No. 1 pick in June's NBA Draft.
ESPN has learned Bucks owner Herb Kohl will announce sale of the team later today to Wesley Edens & Marc Lasry for price of $550 milllion
— Marc Stein (@ESPNSteinLine) 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