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Milwaukee Bucks sold

Discussion in 'NBA Dish' started by J.R., Apr 16, 2014.

  1. J.R.

    J.R. Member

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    <blockquote class="twitter-tweet" lang="en"><p>ESPN has learned Bucks owner Herb Kohl will announce sale of the team later today to Wesley Edens &amp; Marc Lasry for price of $550 milllion</p>&mdash; Marc Stein (@ESPNSteinLine) <a href="https://twitter.com/ESPNSteinLine/statuses/456470021015756800">April 16, 2014</a></blockquote>
    <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
    <blockquote class="twitter-tweet" lang="en"><p>Kohl made keeping team in Milwaukee a condition of the sale to the hedge-fund billionaires, whose purchase now subject to league approval</p>&mdash; Marc Stein (@ESPNSteinLine) <a href="https://twitter.com/ESPNSteinLine/statuses/456470921004347393">April 16, 2014</a></blockquote>
    <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
     
  2. EightDoobies

    EightDoobies Member

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    I was just about to post this.

    CRAZY. I wonder who is getting a new NBA team?

    I see Seattle jumping on this for sure. Kansas City and Louisville right behind them.
     
  3. TheMystery008

    TheMystery008 Member

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    Seattle with Alphabet as their star?
     
  4. HR Dept

    HR Dept Contributing Member

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    I bet somebody somewhere is having a serious bout of buyers remorse at the moment. It's like buying that 70 inch when you already owned a 65.
     
  5. coachbadlee

    coachbadlee Member

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    Somebody got screwed.
     
  6. heypartner

    heypartner Contributing Member

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    And the owners keep trying to make us believe they are losing money, yet the value of their franchise licenses are golden. True valuation of any company must take into account the value of all assets. The franchise license is an asset. None of them are losing value in their company.

    Kohl, a Milwaukee native, purchased the Bucks in 1985 from Jim Fitzgerald for $18 million

    Despite those recent struggles and a bottom-five ranking in attendance in each of the past three seasons, Simmons reports that the team is expected to be sold for $525-550 million. In January, Forbes magazine valued the Bucks at $405 million [a whopping 25% underestimate by Forbes]
     
  7. Haymitch

    Haymitch Custom Title
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    How long do they have to keep the team in Milwaukee? Can the move after X number of years?
     
  8. DeAleck

    DeAleck Contributing Member

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    None of the two co-buyers (Wesley Edens & Marc Lasry) had any ties to Milwaukee. In fact, Edens had ties to Oregon since he went to school there.

    I wonder if that stay-in-Milwaukee condition has an out clause or time constraint, if an arena deal can't be done. Or, since these two aren't able to move the Bucks, can they theoretically flip it to Chris Hansen and Steve Balmer for $700 Million, and make $150 Million in quick return?
     
  9. REEKO_HTOWN

    REEKO_HTOWN I'm Rich Biiiiaaatch!

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    The NBA aren't going to let the OKC deal happen again. They will go out of their way to keep a team where it is. Look at Sacramento.

    Do you really think The NBA is going to let balmier and Hansen make a fool out of them by using your theory? The NBA will vote down relocation faster than you can say flop.
     
  10. mtbrays

    mtbrays Contributing Member
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    I believe their Bradley Center lease runs out in 2017 and Silver has stated that a new arena is a "must" for the team to remain in Milwaukee. However, I've read that the tax increase passed to fund Miller Park was unpopular and there is almost no political support for local or statewide funding to keep the Bucks in Milwaukee.

    The fact that this team sold for as much as it did should tell you that owners pleading poverty in order for cities to fund new arenas is as much as a lie now as it ever was. Cities with dire economic problems, such as Milwaukee, should be praised for not ceding public funds to private teams owned by billionaires who are helping to shell out over $500 million for the team.
     
  11. maxiep

    maxiep Rookie

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    Are you kidding? The NBA ENCOURAGED the OKC "wink-wink" deal. It was a message to the rest of the NBA cities: Give the owners public financing for an arena, or lose your team. It doesn't matter how long they've been there, how big your city is or how dedicated your fan base.
     
  12. yummyhawtsauce

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    the thread is a bit misleading - I thought this was sold as in the sale already happened and someone bought it. I got this news before I saw the thread lol
     
  13. JuanValdez

    JuanValdez Contributing Member

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    That's what I was going to say. If the NBA didn't like the move to OKC, they could have stopped it. The buyer, the seller and the rest of the NBA were all fine with sticking it to Seattle. I won't be surprised when the same happens to Milwaukee.
     
  14. REEKO_HTOWN

    REEKO_HTOWN I'm Rich Biiiiaaatch!

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    The backlash was unprecedented and the NBA has been working hard to correct the wrong. Again, look as Sacramento. Look at every opportunity they gave the city to get a new owner who would keep the team there. The Maloofs had to sell for less than they would have to Hansen and Co. Hansen and Co lost $30 million in that deal.
     
  15. TheRealAllpro

    TheRealAllpro Morey only fan

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    What the hell Milwaukee can no longer support a team. Their economics have changed over the years.
     
  16. Roc Paint

    Roc Paint Contributing Member

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    The Austin Bucks?
     
  17. Jontro

    Jontro Member

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    Good deal. What a bargain.
     
  18. cheke64

    cheke64 Member

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    I think somebody from Craigslist bought it
     
  19. mtbrays

    mtbrays Contributing Member
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    No new city is getting a team before Seattle.
     
  20. BigBenito

    BigBenito Member

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    Lets see if the new owners follow the Bennett playbook.

    rabble rabble new arena rabble rabble.
     

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