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Investors 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. Senator Herb Kohl pledged a $100 million gift to be matched by the new owners for the development of a new arena for the team. The Bucks' current home, BMO Harris Bradley Center, is more than 25 years old. "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.The deal, which is subject to league approval, represents a premium from the $405 million that Forbes valued the team at in January. That marked the lowest valuation of any of the NBA's 30 teams and pales in comparison with the $1.4 billion estimated price tag of the New York Knicks."The Senator has provided the Bucks with nearly 30...

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