Sale of Bucks to get NBA approval tomorrow, according to report
According to an ESPN report by Brian Windhorst, the sale of the Bucks to Marc Lasry and Wesley Edens is expected to become get approved by the NBA Board of Governors tomorrow.
The $550 million sale of the Milwaukee Bucks to hedge fund billionaires Wesley Edens and Marc Lasry is expected to be finalized by the NBA on Thursday, a source involved in the process told ESPN.com.
In the wake of the Donald Sterling scandal, there was a push within the league to have an extra thorough vetting of the new owners, sources said. That process, however, is complete and the league’s Board of Governors will approve the transaction that was initially signed last month.
If Herb Kohl‘s sale of the team goes down according to plan, the deal would become official less than a month after it was originally announced April 16. It would also affix the new owners in place before the May 20 lottery and the June 26 draft.
On the other hand, if Lasry and Edens plan to install new management, their chosen personnel would likely end up missing the NBA Draft Combine taking place later this week in Chicago. In addition, the Bucks may have missed out on a chance at potential candidates, such as Stan Van Gundy, who agreed to become coach/president of the Detroit Pistons yesterday.
The new ownership group and Kohl each have pledged at least $100 million toward the construction of a new arena to replace the BMO Harris Bradley Center, and the NBA has the option of repurchasing the team from Lasry and Edens if plans for a new arena are not finalized by 2017.