Milwaukee Bucks Will Be Sold for $550 Million

Original article: http://www.bloomberg.com/news/2014-04-16/avenue-capital-s-lasry-said-buying-bucks-for-550-million-1-.html reports that Herb Kohl will agree to give the city of Milwaukee 100$ million for the reconstruction of the Harris Bradley Center, where currently the bucks play.

TIME

The NBA’s Milwaukee Bucks will be sold for $550 million, the team announced in a press conference Wednesday.

The team’s owner of 29 years, former U.S. Senator Herb Kohl, said he wanted to establish a succession plan. Marc Lasry of Avenue Capital Management and Wesley Edens, co-founder of Fortress Investment Group LLC are buying the team from Kohl, Bloomberg reports.

“Marc and I are very pure in our ambitions to be good owners,” Edens said. “We are delighted to be in Milwaukee and we want to stay in Milwaukee. I think there’s no doubt this market can be successful.”

Kohl agreed to give a gift of $100 to Milwaukee toward the building of a new basketball arena for the team. The new owners also pledged at least that amount toward construction costs.

“I’m very optimistic, even more so than I can express, about the future of basketball in this…

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