According to a report, the sale of the Milwaukee Bucks from former U.S. Sen. Herb Kohl to New York investors Marc Lasry and Wesley Edens is nearing completion.
The Milwaukee Journal Sentinel reported Tuesday that, according to a source, “it’s possible there will be news later this week.”
Kohl, who has owned the franchise since 1985, agreed last month to sell it to Lasry and Edens for a reported $550 million, which includes assumption of the team’s debt. The new owners, along with Kohl, have committed a total of $200 million for a new arena in Milwaukee on top of the purchase price.
NBA Commissioner Adam Silver said at the time of the sale announcement it would be roughly a month before formal approval of the league’s owners would be complete.
Lasry and Edens are expected to take control of the team quickly once the sale is approved. The NBA’s draft lottery is next week (May 20) and will determine whether the Bucks’ pick will be first, second, third or fourth in the June 26 draft.
Milwaukee can’t fall lower than fourth in the draft order; the lottery only determines the top three selections, with the rest of the picks going in inverse order of won-lost records. At 15-67, the Bucks were the NBA’s worst team in 2013-14.
This is supposed to be a very deep draft (although what I see is a bunch of teenagers with more ups and downs than a roller-coaster, but that may just be me), so it’s likely the Bucks will land a prospect who could excite the fan base heading into next season.