Herb Kohl

NEW YORK (AP) -- The NBA's board of governors has unanimously approved the sale of the Milwaukee Bucks to New York investment firm executives Wesley Edens and Marc Lasry.

"We are pleased that Wes Edens and Marc Lasry have been approved as the new owners of the Milwaukee Bucks,” said NBA Commissioner Adam Silver.  “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 transaction is expected to close shortly.

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NBA owners approve sale of Bucks to Edens, Lasry

The fans at the BMO Harris Bradley  Center who gave Senator Herb Kohl a standing ovation during the Milwaukee  Bucks’ 2013-14 season finale weren’t the only ones expressing their  appreciation for Kohl’s commitment to the franchise April 16.

Earlier that day, Kohl, the Bucks’ president and owner for nearly  30 years, announced that he had entered into a signed purchase agreement to  transfer ownership of the Bucks to Wesley Edens and Marc Lasry, two highly  regarded investors who are firmly committed to the success of the franchise and  its importance to Milwaukee.

Kohl also pledged a $100-million gift for the development of a new  arena for the team. Besides honoring Kohl’s requirement that the team be kept  in Milwaukee, the new owners committed to contribute at least an additional  $100 million toward the development of a new arena.

“My priority has always been and will continue to be keeping the  Bucks in Milwaukee,” Kohl said. “This announcement reinforces that Milwaukee is  and will continue to be the home of the Bucks. Wes and Marc agree, and they  share my commitment to the long-term success of this franchise in Milwaukee.”

Kohl, following the press conference announcing the sale, met with  the players prior to the season finale.

“Senator Kohl met with us today  and told us it was time for him to give up ownership of the team,” forward John  Henson said. “I think part of that was knowing that building a new arena was  something he had to do.

“He told us, ‘I love you guys. We  had some tough breaks, but next season will be better.’ He was a little  emotional. You could tell he was kind of down a little bit, but at the same  time, what he’s doing is helping the franchise, and as Bucks, that’s all we can  ask for.

“He brought it in and everyone  shook his hand. I thanked him for my opportunity, because without him, who  knows where I’d be? I’m going to miss Senator Kohl, because he gave me the  opportunity to be in this league and play. I’ll always be grateful for that  opportunity.”

Henson was impressed with Kohl’s  pledge of $100 million toward a new arena for the team.

“That’s an amazing gift, for  someone to give as much as he did,” Henson said. “He really wants this team to  be here. He told us he’ll still be around. Now the Bucks will be here for at  least a little bit longer so everyone can put that to rest. We’ll be able to go  to Chipotle over on East Ogden for a little longer. It’s gonna be fun.”

Forward Khris Middleton was  grateful for Kohl’s pledge as well.

“I thanked him for that,”  Middleton said. “That’s huge for us, getting a new arena, getting things going  and winning the fans back.

“I think it’s going to be a good  start, heading into the summer and next season. With new ownership, I think  there will be change coming for the good.”

Guard Brandon Knight expressed his  gratitude for the pledges made by Kohl and the new Bucks ownership team.

“That’s great,” Knight said. “When  owners come in and put their best into a team, that really makes a difference.  As players, we’re thankful to have that.

“We’re definitely thankful to  Senator Kohl for all he has done for the Bucks, the tradition this franchise  has built. But we’re excited about change as well. From what’s been reported so  far, the new owners are very competitive and they want to come in and win right  away. As players, that’s great to hear. You want to be in a situation where  you’re going to win games. That’s exciting to hear.”

Forward Giannis Antetokounmpo,  like his teammates, was both grateful to Kohl and excited about the franchise’s  future.

“Senator Kohl ran things like a  really nice guy,” Antetokounmpo said. “I hope the new owners do what’s best for  the team. I think fresh blood could be good.”

“I haven’t really thought a lot  about the sale. My job is just to think about the things I do on the court.”

Henson knows the team ownership  shift comes with uncertainty over the changes that will follow, but he is  upbeat about the franchise’s future and looking forward to working on his game  this summer.

“I don’t know how much will change  player personnel-wise at least for the immediate future,” Henson said. “We do  know there’s going to be new blood running the Bucks franchise. Maybe new life  will be one of the things we need to really take off.

“It’s exciting, being here at a  time like this. Hopefully I’ll be able to look back and say, ‘I remember the  season when we only won 15 games. Now we’re winning 40, 50 games and fighting  for playoff position.’ That ought to be a great feeling.”

Kohl is excited about the Bucks’  future, too.

“Today’s announcement signals the start of a new, exciting era for  the Milwaukee Bucks,”Kohl said. “Now, with a long-term commitment from the new  owners and major components of the funding in place for a new arena, we need to  come together as a community to develop plans for a new sports and  entertainment facility that will host more than 200 events a year, including  Bucks games. I am confident we will do this.”

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Bucks players express thanks to team’s outgoing owner

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Milwaukee Bucks President and Owner Herb Kohl Introduces New Team Ownership

MILWAUKEE – Herb Kohl, Milwaukee Bucks President and Owner, today announced that he has entered into a signed purchase agreement to transfer ownership of the Bucks to Wesley Edens and Marc Lasry.  Mr. Edens and Mr. Lasry are highly regarded investors who are firmly committed to the success of the franchise and its importance to Milwaukee.

Furthermore, consistent with his commitment to the Bucks and Milwaukee, Senator Kohl has pledged a $100 million gift for the development of a new arena for the team.  In addition to honoring Kohl's requirement that the team be kept in Milwaukee, the new owners have committed to contribute at least an additional $100 million towards the development of a new arena in the city.

"My priority has always been and will continue to be keeping the Bucks in Milwaukee," said Kohl.  "This announcement reinforces that Milwaukee is and will continue to be the home of the Bucks.  Wes and Marc agree, and they share my commitment to the long-term success of this franchise in Milwaukee."

Messrs. Edens and Lasry jointly stated:  "We would like to thank Senator Kohl and his team for their support and cooperation throughout the purchase process.  The Senator has provided the Bucks with nearly 30 years of dedicated stewardship, and we are very excited to join Bucks fans, the city of Milwaukee and the NBA to build the long-term success of this franchise.  Having attended various sporting events in Milwaukee and Green Bay over the years, it is easy to see why the greater-Milwaukee area is such a storied sports atmosphere.

"We are lifelong basketball fans who are committed to the success of the Bucks and the identity of the team as a part of the city of Milwaukee.  It is our vision for this franchise to be admired both locally and nationally for its success on the court, the quality of its organization and the loyalty of its fan base.  Having each built competitive teams in the business world, we will apply that same intensity and determination as owners of the Milwaukee Bucks.  We are as passionate and energized as Bucks fans are about bringing home an NBA championship to Milwaukee."

Under the terms of the agreement Edens and Lasry have agreed to buy the team for a total purchase price of approximately $550 million.

The parties will proceed to closing following review and approval by the NBA Board of Governors.

"Today's announcement signals the start of a new, exciting era for the Milwaukee Bucks," said Kohl.  "Now, with a long-term commitment from the new owners and major components of the funding in place for a new arena, we need to come together as a community to develop plans for a new sports and entertainment facility that will host more than 200 events a year, including Bucks games.  I am confident we will do this."

The incoming Milwaukee Bucks owners, Wesley Edens and Marc Lasry, issued the following statement regarding the purchase of the franchise from Senator Kohl:

We would like to thank Senator Kohl and his team for their support and cooperation throughout the purchase process.  The Senator has provided the Bucks with nearly 30 years of dedicated stewardship, and we are very excited to join Bucks fans, the city of Milwaukee and the NBA to build the long-term success of this franchise.  Having attended various sporting events in Milwaukee and Green Bay over the years, it is easy to see why the greater-Milwaukee area is such a storied sports atmosphere.

We are lifelong basketball fans who are committed to the success of the Bucks and the identity of the team as a part of the city of Milwaukee.  It is our vision for this franchise to be admired both locally and nationally for its success on the court, the quality of its organization and the loyalty of its fan base.  Having each built competitive teams in the business world, we will apply that same intensity and determination as owners of the Milwaukee Bucks.  We are as passionate and energized as Bucks fans are about bringing home an NBA championship to Milwaukee.

In addition, our leadership of the Milwaukee Bucks will not be limited to the basketball court.  We are eager to become active contributors to the greater-Milwaukee community, and plan to establish a presence in the city.  Furthermore, we are committed to spending a significant amount of personal resources, including a contribution of at least $100 million, to work alongside the community and Senator Kohl to develop a new state-of-the-art sports venue in Milwaukee.  We want to provide fans with the best sports experience imaginable, and we believe a new arena and the development of the surrounding downtown area will immensely benefit the game-day atmosphere as well as the city of Milwaukee.

We would like to convey our appreciation to Commissioner Adam Silver and the entire NBA organization.  It will be an honor and a privilege to be the new owners of the Milwaukee Bucks and a part of the NBA.

We look forward to playing an integral and active role in the future success of the Bucks on and off the court, with the organization's operations and talent as well as through the development of a new arena in Milwaukee.  Fear the Deer!

The deal is subject to the approval of the National Basketball Association Board of Governors.

Wesley R. Edens is a Founder and Co-Chairman of the Board of Directors of Fortress Investment Group LLC. Fortress was founded in 1998 and is a $62 billion alternative asset management company with headquarters in New York and offices around the world. Mr. Edens is responsible for Fortress's private equity business, which primarily invests in the transportation and infrastructure, real estate, health care, financial services and media sectors.

Mr. Edens was raised in Helena, Montana, and received a B.S. in Finance from Oregon State University.

Marc Lasry is the Chairman, Chief Executive Officer and a Co-Founder of Avenue Capital Group.   Founded in 1995, Avenue is a global investment firm with over $13 billion of assets under management.  Avenue maintains its headquarters in New York and has offices in London, Luxembourg, Munich and throughout Asia.

Mr. Lasry received a B.A. in History from Clark University and a J.D. from New York Law School.

Herb Kohl

NBA owners approve sale of Bucks to Edens, Lasry

Bucks players express thanks to team’s outgoing owner

Milwaukee Bucks President and Owner Herb Kohl Introduces New Team Ownership

Milwaukee Bucks President and Owner Herb Kohl Introduces New Team Ownership and Announces $100 Million Gift for Arena