The Milwaukee Bucks will announce later Wednesday that longtime owner Herb Kohl has reached an agreement to sell the team to hedge-fund billionaires Wesley Edens and Marc Lasry for a purchase price of $550 million, according to sources familiar with the transaction.
In January, Forbes valued the Bucks at $405 million, last among the league's 30 franchises.
Sources told ESPN.com that the deal, subject to league approval, will be confirmed in an afternoon news conference.
Kohl, the longtime U.S. senator, made keeping the team in Milwaukee a condition of the sale.
The Bucks have fallen way short of expectations, sinking to the bottom of the standings after harboring hopes of making a playoff push, but Wednesday's announcement will bring an upbeat conclusion to Kohl's search for buyers who wouldn't try to move the team after his nearly 30 years of ownership and deep ties to the state of Wisconsin.
Among the challenges for Edens and Lasry, assuming their purchase is ratified by the league, will be erecting a new building to replace the outdated Bradley Center.
On a visit there in September months before he succeeded David Stern, new NBA commissioner Adam Silver said "an obvious issue we all have to deal with is we need a new arena in Milwaukee."
In January, Forbes valued the Bucks at $405 million, last among the league's 30 franchises.
Sources told ESPN.com that the deal, subject to league approval, will be confirmed in an afternoon news conference.
Kohl, the longtime U.S. senator, made keeping the team in Milwaukee a condition of the sale.
The Bucks have fallen way short of expectations, sinking to the bottom of the standings after harboring hopes of making a playoff push, but Wednesday's announcement will bring an upbeat conclusion to Kohl's search for buyers who wouldn't try to move the team after his nearly 30 years of ownership and deep ties to the state of Wisconsin.
Among the challenges for Edens and Lasry, assuming their purchase is ratified by the league, will be erecting a new building to replace the outdated Bradley Center.
On a visit there in September months before he succeeded David Stern, new NBA commissioner Adam Silver said "an obvious issue we all have to deal with is we need a new arena in Milwaukee."
