New owners commit to keep team in Milwaukee and pledge at least $100 million to build new arena.
Herb Kohl, Milwaukee Bucks president and owner, this week 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. About the Incoming Owners:
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 Lasryis 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