Milwaukee Bucks sold to new owners for $550 million

It’s extremely rare for a departing owner to make a financial commitment like Kohl, but not every selling owner is as committed to the long-term future of the organization. Kohl, the former U.S. Senator in Wisconsin, reiterated the importance of keeping the team in Milwaukee during the news conference to announce the agreed upon deal.

“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.”

The Milwaukee Bucks won’t be leaving town anytime soon. Longtime owner Herb Kohl has agreed to sell his majority stake in the franchise to Wesley Edens and Marc Lasry, ESPN’s Marc Stein reports. Still pending league approval, the deal is worth $550 million and sees the team’s first ownership transition in 29 years.

Kohl, a Milwaukee native, purchased the Bucks in 1985 from Jim Fitzgerald for $18 million and has worked to keep the team in the city ever since. Making sure the team stays in Milwaukee was reportedly one of the major conditions of the sale. Kohl is also a former U.S. Senator who represented Wisconsin from 1989 to 2013 before deciding not to seek re-election two years ago.