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Stein: Wesley Edens & Marc Lasry will purchase Milwaukee Bucks for $550 milllion

| April 16, 2014

Category: Ownership

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According to ESPN’s Marc Stein, Milwaukee Bucks owner Herb Kohl will announce today that the team has been sold to billionaires Wesley Edens and Marc Lasry.

The Bucks have announced a press conference for 2:30 PM (CST) at the BMO Harris Bradley Center.

Edens and Lasry were brought to the forefront of the conversation regarding potential new owners for the Milwaukee Bucks last week when Grantland’s Bill Simmons outed them as the favorites. In the days following, reports continued to swirl about potential groups, one from Chicago and more talk about local groups, but it appears Edens and Lasry have won out.

Stein’s report says keeping the team in Milwaukee was a condition of the sale.

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Jeremy Schmidt writes the Milwaukee Bucks blog Bucksketball. He founded it in January of 2009 because he hated his job. It’s like basketball, but with Bucks instead of basket. I know ... I’m sorry. He might come off as a bit negative, but I'm really not so bad. He just wants the Bucks to succeed, so he points out areas where they are coming up short. Someone has got to do it and he's ornery and opinionated enough to take on that task. He isn't sure if this should be in third person or not. Contact him at Jeremy@Bucksketball.com if you must use e-mail.

Comments (12)

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  1. mb says:

    What sort of connection do these guys have with the Bucks? Or even Milwaukee? Just two rich guys who want to own a team? I don’t think either of them are from the great state of Wisconsin.

    • b says:

      You could say the same about Mark Antanasio, and that seems to have worked out alright for the Brewers.

      • mb says:

        That’s what I was thinking. I just would hate to see the team get pushed out in a couple years. Hope for the best!

  2. Ryne says:

    Does anyone know if they are required to keep the team for a set number of years? I don’t want them to turn around and sell the team in a few years to Seattle

    • JP says:

      By all accounts, these sound like two super-competitive billionaires worth a truck load who want to own a team and are willing to do what’s necessary to make it happen (i.e. stay here). Neither comes from the world of venture/vulture capital, either, so a quick flip doesn’t seem to be an issue.

      Save Our Bucks has a couple pretty good profiles on them, if you want to track them down.

  3. Ronald Gordon says:

    The firing of John Hammond MUST be the first order of business for the new owners, THANK GOD!!!!

    • JP says:

      Have to imagine they’re getting this taken care of now so that Hammond and Drew can be jettisoned and new guys can be in place before the draft and FA processes begin in earnest.

      • Mbucks1988 says:

        I wouldn’t do it till after the draft. That’s the one thing Hammond is good at and has been scouting the players all year. New guys wouldn’t have as much scouting on the players as Hammand and his crew do. I would keep him till after the draft if you are going to clean house

  4. rowe49 says:

    The big question hopefully answered today is how much $ Kohl will pledge towards a new area. No new arena- no Bucks past 2018-2019.

    Other than that, shortly there will be a huge front office clean house and then on to prepare for the draft.

    That’s just the way it works with new ownership. they’ll bring in their own people.

  5. Sfisch says:

    Although I’m still cautiously waiting to see how all of this plays out, I want to sincerely thank Herb Kohl for any and all genuine efforts to keep the Bucks in Milwaukee. Thank you, Mr. Kohl.