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He found a chance for change with the 1985 purchase of the Milwaukee Bucks, liquidating some of his assets to cover then-record price of nearly $20 million for an NBA franchise. Kohl maintained ownership of the Bucks until he sold the team to New York hedge-fund investors Marc Lasry and Wes Edens in 2014 for $550 million. He simultaneously pledged $100 million to the construction of a new arena, which became Fiserv Forum next door to the previous home, the BMO Harris Bradley Center.
Sources with knowledge of Lasry’s plans said he will continue pursuing business opportunities in sports, including the potential of ownership of another professional team. Edens and Lasry bought the Bucks from Herb Kohl in 2014 for $550 million. As part of the sale though, Kohl promised to donate $100 million to a new arena to help ensure the team remained in Milwaukee.
Sources tell The Stein Line that Marc Lasry, who joined forces with Wes Edens to buy the Bucks from Sen. Herb Kohl in April 2014 for a reported $550 million, has been actively looking to sell his stake in the franchise.
One emerging possibility, sources say, is Lasry selling his stake directly to Edens, who is the co-owner of Aston Villa in English soccer's Premier League in addition to his role as co-owner of the Bucks.
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But sources say that Lasry continues to explore his exit options, including the prospect of selling his share to Edens.
Herb Kohl is now retired from public life, but he is watching and always rooting for the Bucks. In a statement to the Journal Sentinel, he said, “Bucks fans in Milwaukee and all around Wisconsin are excited about the success of our team as well as the entire Bucks organization. The energy and anticipation of this moment remind us that this team, together with all of its owners, employees and players, is a tremendous community asset. It brings us together to celebrate our diversity, our city and our champion spirit. I believe this is the year that we are going to win it all! Go Bucks!!”
An owner recently told me the value of the Bucks’ franchise is now “between $1.8 billion to $2 billion.’’ Not too shabby when you consider Wes Edens and Marc Lasry purchased the franchise from Herb Kohl in 2014 for reportedly $550 million. With the Minnesota Timberwolves now on the block, that same owner was asked what he thought would be their purchase price. He responded, “right around $1.2 billion. “They (the Timberwolves) have to do the same thing Milwaukee did,’’ the owner said. “They need a new arena, first and foremost, and then they have to do a much better marketing job and increase their television revenue, which is awful. That franchise is a mess.’’
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Matt Babcock: My parents flew out to meet with the general manager of the Milwaukee Bucks, Bob Weinhauer, and the owner of the team, Senator Herb Kohl. Before we knew it the movers came and we were off to this unknown place. We moved to a suburb right outside of the city named Shorewood, a very nice place. Admittedly I had quite a bit of culture shock initially. We had moved a lot by this point but we had only ever lived in cities in California and Arizona. Milwaukee was different.
Negotiations are under way among the Milwaukee Bucks, city and state officials on how to pay for a $500 million new arena or face franchise relocation. The Bucks' current owners, Marc Lasry and Wes Edens, have committed $150 million, and the former owner, Herb Kohl, has committed $100 million. Republican Gov. Scott Walker, a presidential hopeful, has proposed borrowing $220 million, but his party's legislature is fighting him on it and wants the state's contribution to be closer to $150 million.
As for the arena, Lasry acknowledges its shortcomings. The Bucks' home locker room is outclassed by that of many major college programs, and their practice facility is an annexed building of a Catholic archdiocese. Lasry and Edens have pledged $100 million to build a new arena, as has former owner Herb Kohl. They are still searching for ways to fund the rest, while the location has been narrowed down to three sites. Lasry says they hope to settle on one in the next month or so, after which things should begin to move quickly. “It is a process, and it’s challenging,” Lasry said. “We are trying to get the best site where we can do the best for the city. For as many people who want you to do something somewhere, there are as many people who don’t want you to do something somewhere.”
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