Milwaukee Bucks To Announce Sale Of Team

ESPN is reporting that the Milwaukee Bucks will hold a press conference this afternoon to announce the sale of the team.

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The Milwaukee Bucks will announce later Wednesday that longtime owner Herb Kohl has reached an agreement to sell the team to hedge-fund billionaires Wesley Edens and Marc Lasry for a purchase price of $550 million, according to sources familiar with the transaction.

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Kohl, the longtime U.S. senator, made keeping the team in Milwaukee a condition of the sale.