Milwaukee, WI (SportsNetwork.com) - The Milwaukee Bucks have announced a major news conference for Wednesday regarding ownership of the franchise and reports have indicated that Herb Kohl is set to sell the team with the NBA's worst record.
According to ESPN, hedge-fund billionaires Marc Lasry and Wesley Edens are set to purchase the club from Kohl for $550 million.
Kohl had announced in December a search for additional investors. A condition of a potential sale would be the club remaining in Milwaukee.
According to the Milwaukee Journal-Sentinel, Lasry is the CEO and co-founder of Avenue Capital Group and Edens is the cofounder of Fortress Investment Group LLC.
Kohl purchased the Bucks in 1985 from Jim Fitzgerald for $18 million. The former U.S. Senator from Wisconsin had detailed sale discussions with a group led by Michael Jordan in 2003, but decided to keep the franchise.
The Bucks entered the last day of the regular season with the NBA's worst record at 15-66.