The NBA’s Board of Governors unanimously voted to approve the sale of the Milwaukee Bucks to Marc Lasry and Wesley Edens. In April, Lasry, Edens and former owner Herb Kohl came to a tentative agreement to transfer the team for a price of $550 million.
The sale of the team sets up the end of the 29-year ownership reign of Kohl. Kohl announced a plan to broaden the team’s ownership back in December and when he announced the sale four months later, Kohl’s representatives stated that they had received nine bids for the franchise, including the one from Lasry and Edens.
That proposal reportedly includes a clause that will allow the NBA to buy back the team if a plan to build a new arena is not in place by November 2017.
Both Kohl and the new ownership group have pledged at least $100 million each toward the construction of a new arena.
According to the NBA’s rules for team ownership, Lasry most likely had to divest the small percentage of the Brooklyn Nets he owned.