Last updated on July 3rd, 2019 at 07:16 pm
Milwaukee Bucks president and owner Herb Kohl will make a “major announcement” regarding ownership of the Milwaukee Bucks and the future of the franchise at 2:30 p.m. today.
Sources say Kohl has selected a group of investors to buy the team. It remains to be seen which investment group has been selected.
Kohl has said in the past that he would only sell to buyers who would commit to keeping the team in Milwaukee.
Journalist Gery Woelfel, who covers the Bucks and the NBA beat for the Racine Journal Times, said in his latest tweet on Twitter that he has been told a group of investors from Chicago has emerged as the leading contender to acquire the team. Other investors who have been approached have included Milwaukee Brewers owner Mark Attanasio and restaurant chain owner and former Buck Junior Bridgeman.
ESPN is reporting that Kohl plans to sell the team to hedge-fund billionaires Marc Lasry and Wesley Edens for a price of $550 million.
The Bucks said Kohl will make his announcement today in the west atrium of the BMO Harris Bradley Center. Sources said Kohl could use some of the proceeds of the sale to help fund a new arena to replace the Bradley Center.
Kohl bought the Bucks in 1985 for $18 million. Sources have said the team could be sold this year for around $500 million. In January, Forbes magazine estimated the value of the team at $405 million, but sources said the competition between interested parties drove Kohl’s asking price up.