Herb Kohl, who has owned the Bucks since 1985, has officially sold the team.
Herb Kohl, who has owned the Bucks since 1985, has officially sold the team.(USATSI)

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Update: NBA commissioner Adam Silver released a statement: "We are pleased that Wes Edens and Marc Lasry have been approved as the new owners of the Milwaukee Bucks. The Bucks and their fans will benefit greatly from their vast business experience, energy and strong commitment to Milwaukee. I would like to thank Senator Kohl again for his unprecedented and historic financial gift toward the construction of a new Milwaukee arena and for his outstanding service to the league and his community over his nearly 30-year tenure."

The sale of the Milwaukee Bucks to Marc Lasry and Wesley Edens was unanimously approved by the NBA board of governors, the league announced on Thursday.

There was a report earlier this week that the approval process was "moving quickly" and that has proven to be the case. Now-former owner Herb Kohl announced a month ago that an agreement had been reached.

Kohl, who purchased the Bucks in 1985, sold the team with the understanding that it would stay in Milwaukee and a new arena would be built. Kohl committed $100 million toward the new building, as did the new owners. 

Lasry and Edens met with prominent Milwaukee business leaders in early May, according to Don Walker of the Milwaukee Journal Sentinel.

The team sold for $550 million.