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Lasry and Edens bought the Bucks last month from businessman
and former U.S. Senator Herb Kohl, becoming the latest Wall
Street financiers to own a sports club.
"We are pleased that Wes Edens and Marc Lasry have been approved
as the new owners of the Milwaukee Bucks," NBA Commissioner Adam
Silver said in a statement.
"The Bucks and their fans will benefit greatly from their vast
business experience, energy and strong commitment to Milwaukee."
The transaction is expected to close shortly, the NBA said.
Kohl, a Wisconsin native, bought the team 29 years ago, and had
said he was committed to keeping it in his home state.
"I would like to thank Senator Kohl again for his unprecedented
and historic financial gift toward the construction of a new
Milwaukee arena and for his outstanding service to the league
and his community over his nearly 30-year tenure," Silver said.
At a news conference in Milwaukee last month, Kohl said Lasry
and Edens, who are lifelong basketball fans, won the bid in part
because of their commitment to keep the team in Wisconsin.
Lasry runs Avenue Capital together with his sister, Sonia
Gardner, and Edens co-founded Fortress Investment Group.
The two men, whose firms are headquartered in New York, emerged
as potential buyers only recently and beat out a group led by
Seattle-based former Microsoft Chief Executive Officer Steve
Ballmer.
(Reporting by Mark Lamport-Stokes; Editing by Nick Mulvenney)
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League
Approves Sale Of Milwaukee Bucks
