Wednesday, 28 September 2016
Last updated 5 hours ago
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.