(NEW YORK) -- Milwaukee Bucks owner Herb Kohl announced on Wednesday an agreement to sell the team to investors Wesley Edens and Marc Lasry for approximately $550 million. A condition of the sale was for the buyers to keep the franchise in Milwaukee.
Kohl originally purchased the team in 1985 for $18 million and had been searching for new owners that would not move the Bucks from its longtime home. A U.S. senator from 1989-2013, Kohl is reported to still maintain ownership of a significant percentage of the team.
The Bucks were hopeful for a playoff appearance this season but fell way short of expectations, finishing with the league's worst record at 15-67. Milwaukee was valued by Forbes magazine at $405 million in January, which was dead last of the NBA's 30 teams.
Wisconsin Gov. Scott Walker told reporters that the sale of the team is "a big deal" and that he will work with the new owners to help team "flourish in the state". The sale now goes to the NBA and its board of governors for approval.
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