Lifestyle

Edens, Lasry Approved To Buy Bucks

May 16 2014 | 10:19am ET

Hedge fund honchos Marc Lasry and Wesley Edens took the last step yesterday to becoming the latest alternative investment players to own their own professional sports team.

The National Basketball Associations' board of governors—Lasry and Eden's soon-to-be fellow owners—unanimously approved the sale of the Milwaukee Bucks to the two. Lasry, the co-founder of Avenue Capital Group, and Edens, the co-founded of Fortress Investment Group, will pay $550 million for the team.

NBA Commissioner Adam Silver said he expects the deal to close shortly, before Tuesday's annual draft lottery in New York, where both are based.

"We are pleased that Wes Edens and Marc Lasry have been approved as the new owners of the Milwaukee Bucks," Silver said. "The Bucks and their fans will benefit greatly from their vast business experience, energy and strong commitment to Milwaukee."

The Bucks' new owners have pledged $100 million to building a new home for their new team in Milwaukee. Herb Kohl, the former Wisconsin senator who has owned the bucks for nearly 30 years, has promised a similar amount.

Lasry and Edens join Platinum Equity's Tom Gores, Apollo Global Management co-founder Joshua Harris and Blackstone Group executive David Blitzer among NBA owners. The former leads the Detroit Pistons, and the latter two the Philadelphia 76ers.


In Depth

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Cash: An Asset In Adolescence

Aug 31 2017 | 3:34pm ET

If the investment industry has a rebellious teenager in the house today, that teenager...

 

From the current issue of