NBA approves sale of Milwaukee Bucks to hedge fund managers

MILWAUKEE -- The NBA Board of Governors unanimously approved the sale of Milwaukee Bucks to billionaires Wesley Edens and Marc Lasry.

The sale of the Milwaukee Bucks was announced on April 16, 2014 by former owner Senator Herb Kohl. Kohl sold the NBA franchise to hedge fund managers Marc Lasry and Wesley Edens for $550 million, $145 million over the team's reported value.

The shadow of a new arena still hangs over the future of the Milwaukee Bucks franchise. If the new owners don't build a new arena by 2017, the NBA can buy back the team and move it out of Milwaukee.

Several counties in Southeast Wisconsin say the announcement of new owners and $200 million from the private sector will change their stance against allocating public dollars to a new arena. Racine County Executive James Ladwig says today's announcement will not sway his opposition to taxing Racine County residents to raise funds for a new NBA arena. Waukesha County officials later came out reaffirming their stance against taxing residents for a new NBA arena.