Kohl announced Bucks sale

Milwaukee Bucks owner Herb Kohl has reached an agreement to sell the NBA franchise around $ 550million .

Former U.S. Senator Kohl has owned the Bucks since 1985 , but he announced Wednesday that hedge fund billionaire Marc Lasry Wesley Edens and agreed to a takeover.The franchise is to stay in Milwaukee despite the sale, which must still be ratified by the NBA after Kohl keep the team in the city of Wisconsin a condition of the agreement.In a statement, Kohl said: " Today's announcement marks the beginning of an exciting new era for the Milwaukee Bucks ." Now, with a long-term commitment of the new owners and key funding elements in place for a new arena , we must unite as a community to develop plans for a new sports and entertainment facility that will host over 200 events per year , including Bucks games. I'm sure we will."My priority has always been and will be keeping the Milwaukee Bucks . This announcement reinforces that Milwaukee is and will continue to be the home of the Bucks . Wes and Mark agreed , and they share my commitment to the long term success of this franchise to Milwaukee . "Edens Lasry and insisted they will do everything in their power to bring success to the franchise and has already targeted a NBA championship ." We thank Senator Kohl and his team for their support and cooperation throughout the buying process , " they said. " The senator gave the Bucks with nearly 30 years of dedicated management , and we are very pleased to join the Bucks fans , the city of Milwaukee and the NBA to build long-term success of this franchise." After participating in various sporting events in Milwaukee and Green Bay over the years , it's easy to see why the greater Milwaukee area is such an atmosphere of sports floors."We are fans of basketball for life who are committed to the success of Bucks and the identity of the team as part of the City of Milwaukee . This is our vision for this franchise to be admired both locally and nationally for its success on the field , the quality of its organization and the loyalty of its fans." Having built competitive teams each in the business world , we will apply the same intensity and determination as owners of the Milwaukee Bucks . We are as passionate and excited as Bucks fans are about to bring home a championship NBA Milwaukee . "Milwaukee has been a very disappointing season in 2014 .The Bucks led into Wednesday's final regular season with the Atlanta Hawks with a 15-66 win-loss ratio , and are about to end the season with the worst record in the NBA .