Fortress, Avenue Founders Nab Nets Coach For Bucks

Jul 2 2014 | 5:14am ET

Wesley Edens and Marc Lasry have made quite a splash at their latest investment, snatching a high-profile coach for their Milwaukee Bucks.

The co-founders of Fortress Investment Group and Avenue Capital Group, respectively, have hired former star player Jason Kidd to coach their new basketball team. Kidd, widely considered a future Hall of Famer for his 20-year playing career, coached the Brooklyn Nets to a first-round playoff victory last year—his first as a coach.

Relations between Kidd and the Nets, with whom he spent some of his best years as a player, deteriorated after he sought control over the team’s basketball operations and was rejected. The Nets then allowed him permission to seek another job.

To land Kidd, Edens and Lasry’s Bucks—who had the worst record in the National Basketball Association last year—agreed to give the Nets two second-round draft picks over the next four years. They also fired Larry Drew, whose tenure as Bucks coach matched Kidd’s with the Nets—one year.

Kidd “is a determined leader, a tough-minded competitor and a great teammate,” Edens and Lasry said.

The two alternative investments honchos bought the Bucks in May for $550 million.


In Depth

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.