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

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Often seen as a passion project, or part of a philanthropic venture, rare and fine stringed instruments offer an exciting option to diversify one’s investment portfolio while providing an opportunity for an exceptional long-term investment.