Report: Bucks sale 'moving quickly,' could be done this week
Herb Kohl, who has owned the Bucks since 1985, is close to officially completing the sale of the team.
The formal sale of the Milwaukee Bucks to Marc Lasry and Wesley Edens is imminent, according to Don Walker of the Milwaukee Journal Sentinel:
A source with knowledge of the sale process said Monday the sale of the Milwaukee Bucks to New York investors Marc Lasry and Wesley Edens "is moving quickly."
"It's possible there will be news later this week," the source said.
Herb Kohl announced an agreement was reached about a month ago, and at that time NBA commissioner Adam Silver said that it would take about a month for it to be approved.
The new owners, Lasry and Edens, met with Milwaukee business leaders in early May, according to the Journal Sentinel, and will "take control of the team quickly" when everything is official.
The big task facing the franchise will obviously be building a new arena, and Kohl agreed to this deal with the understanding that the team he has owned since 1985 will stay in Milwaukee. The new owners pledged to commit $100 million toward this, and Kohl committed the same amount. There is a provision in the deal stating that, if construction hasn't started by 2017, the NBA can buy the team back for $575 million.
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