Milwaukee Bucks owner Herb Kohl

has announced that he’s sold the

team to an ownership group that

will keep the team in Milwaukee.

Kohl has agreed to sell the NBA

team to hedge-fund billionaires

Wesley Edens and Marc Lasry for

$550-million. The sale needs

approval of the NBA Board of

Governors. Reports say the new

owners plan to invest another

$100-million toward a new arena

in Milwaukee. The Bucks currently

play in the B-M-O Harris Bradley

Center. The building was built in

1988 and is one of the oldest active

NBA arenas.

Kohl will reportedly maintain an

ownership stake, and with donate

$100-million toward the construction

of a new arena.

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