113 replies to this topic

[BSLChrisStoner]

Grantland: In Giannis We Trust
http://grantland.com...-antetokounmpo/

[BSLMikeLowe]

Report: Herb Kohl may be nearing sale of Milwaukee Bucks

 

Interesting development, particularly for a franchise that is pretty much at the top of everyone's "NBA Team Most Likely To Relocate" list.

[Oriole85]

ESPN: Bucks to announce sale of team

 

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.

 

In January, Forbes valued the Bucks at $405 million, last among the league's 30 franchises.

Sources told ESPN.com that the deal, subject to league approval, will be confirmed in an afternoon news conference.

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

 

Among the challenges for Edens and Lasry, assuming their purchase is ratified by the league, will be erecting a new building to replace the outdated Bradley Center.

 

On a visit there in September months before he succeeded David Stern, new NBA commissioner Adam Silver said "an obvious issue we all have to deal with is we need a new arena in Milwaukee."

[Oriole85]

This was funny, in case things go through...

 

@AndyGlockner Love it. RT @NUHF: @AndyGlockner So when Milwaukee moves to Seattle can we call them the Star-Bucks?

[BSLMikeLowe]

Probably not good for Milwaukee. Private equity will always chase the money, and there's more of that to be had in Seattle.

[Oriole85]

Milwaukee Business Journal; Kohl, new owners will contribute to new arena: Source

 

The cost of building a new arena in downtown Milwaukee has been estimated at about $500 million. So, while $200 million will go a long way toward the final cost, additional funds likely will be needed from private and possibly public sources.

Nevertheless, the major donations to the arena could be as big as the news that Kohl is selling the team for a reported $550 million.

“It’s all good,” one source familiar with the situation told the Milwaukee Business Journal. “It’s the best we could hope for.”

[Oriole85]

Probably not good for Milwaukee. Private equity will always chase the money, and there's more of that to be had in Seattle.

Considering Kohl has made keeping the team in Milwaukee a non-negotiable condition of the sale and he probably could've gotten more money without that, I don't think that's the case.

[BSLMikeLowe]

Private equity is about buying undervalued assets and flipping them. Chris Hansen & Co were essentially willing to purchase the majority share of the Kings at a price that valued the franchise at nearly $800 million. No reason to think they won't be willing to offer the same for the Bucks in a couple years if the NBA greenlights a move to Seattle. The shareholders of Avenue Capital Group and Fortress Investment Group (the firms the new owners represent) would certainly be happy with that kind of return on investment. And Herb Kohl can avoid the criticism from his fans (and more importantly, his voters) by saying he did not sell the team to someone who intended to move it (whether anyone buys that story is another matter).

[Oriole85]

Private equity is about buying undervalued assets and flipping them. Chris Hansen & Co were essentially willing to purchase the majority share of the Kings at a price that valued the franchise at nearly $800 million. No reason to think they won't be willing to offer the same for the Bucks in a couple years if the NBA greenlights a move to Seattle. The shareholders of Avenue Capital Group and Fortress Investment Group (the firms the new owners represent) would certainly be happy with that kind of return on investment. And Herb Kohl can avoid the criticism from his fans (and more importantly, his voters) by saying he did not sell the team to someone who intended to move it (whether anyone buys that story is another matter).

That won't be an issue, he's no longer in congress.

[BSLMikeLowe]

That won't be an issue, he's no longer in congress.

 

Nonetheless, I'm sure he still wants to be remembered as having done right by those in his home state when the team eventually moves. And offering to kick in $100 million towards a new arena (one that I doubt will be built, at least not for the Bucks) doesn't hurt either.

[BSLMikeLowe]

Mark Cuban: Bucks sale a bargain

 

Dallas Mavericks owner Mark Cuban considers the sale price of approximately $550 million for the Milwaukee Bucks to be a bargain, suggesting the true value of NBA franchises is north of $1 billion.

 

But Cuban, who paid a then-record $285 million for the Mavericks in 2000, believes the NBA is in the midst of a business boom. Asked whether the league should consider adding an expansion team, Cuban said he would be on board, as long as the price was steep.

 

"I'm not opposed to it," Cuban said. "This is just me talking, but we'd be crazy to sell it for under a billion dollars."

 

After that comment, Cuban grinned and did a Dr. Evil impersonation, sticking the tip of his pinkie finger in the corner of his mouth. However, he's completely serious about the subject.

 

"Let's just say I'm bullish on the NBA," Cuban said. "Call it the NBAIX, the NBA index. I think it's underpriced right now. I'd invest money in that ETF."

[BSLMikeLowe]

Sources: Provision could let NBA buy Bucks

 

The NBA has the right to buy back the Milwaukee Bucks from incoming owners Wesley Edens and Mark Lasry if a deal to a bring a new arena to the city is not in place by November 2017, according to sources briefed on the situation.

 

Sources told ESPN.com that the sale agreement announced last week to transfer the Bucks from longtime owner Herb Kohl to Edens and Lasry for a purchase price of $550 million includes a provision that allows the league to buy back the team for $575 million if construction on a new building in Milwaukee is not underway by the deadline.

 

Although one source said Monday that the league would likely only take that step if it didn't see "significant progress" toward a new arena in Milwaukee by then, this provision ensures that the NBA would control the fate of the franchise from that point as opposed to Edens and Lasry.

[Oriole85]

Appleton Post-Crescent: Outgoing Milwaukee Bucks owner Herb Kohl rewards employees

 

Outgoing owner Herb Kohl sent BMO Harris Bradley Center employees a letter of appreciation as he leaves the team. And inside every note of gratitude was a check for $500.

[Oriole85]

@ChrisMannixSI Bucks owners are taking a beating from other coaches, execs around the league. Nothing about this process sits right with many people.

[DJ MC]

I'm assuming that is due to their treatment of Drew, who really got screwed over here. If you want a new coach, fire your current coach first.

[BSLMikeLowe]

I'm assuming that is due to their treatment of Drew, who really got screwed over here. If you want a new coach, fire your current coach first.

 

I know the Bucks actually had intentions of being a playoff team when last season began, so maybe in the eyes of some Larry Drew underachieved (not sure I agree). I also know that one of the new owners is close with Kidd. But yeah, it's bad form to have Drew sitting there twisting while you openly flirt with a guy whose entire coaching resume consists one uninspiring season.

[BSLChrisStoner]

CBS Sports: As Bucks' Antetokounmpo reaches new heights, expectations rise

http://www.cbssports...hes-new-heights

 

Also landed Kendall Marshal.

[BSLChrisStoner]

NBA.com: Kidd preaching patience with young, emerging Bucks

http://www.nba.com/p...=iref:nbahpt13a

[BSLChrisStoner]

Sports on Earth: Kidd still has a lot to prove
http://www.sportsone...h-brooklyn-nets

[BSLChrisStoner]

Grantland: Milwaukee's makeover

http://grantland.com...for-the-future/