Hedge fund billionaires to buy NBA's Bucks for $550M

Hedge fund billionaires Wesley Edens and Marc Lasry have agreed to acquire the NBA’s Milwaukee Bucks for about $550 million and keep the team in Wisconsin's largest city.

As part of the agreement, Bucks longtime owner and former U.S. Sen. Herb Kohl pledged a $100 million donation to be matched by the new owners to develop a new arena for the team. Its current home is more than 25 years old, according to Fox Business.

"This announcement reinforces that Milwaukee is and will continue to be the home of the Bucks. Wes and Marc agree, and they share my commitment to the long-term success of this franchise in Milwaukee,” Kohl said in a statement.

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