The Milwaukee Bucks will be sold to Avenue Capital Management’s Marc Lasry and Fortress Investment Group LLC cofounder Wesley Edens for $550 million, the National Basketball Association team said.

Current owner Herb Kohl, a former U.S. senator, agreed to donate $100 million for a new arena in Milwaukee. Lasry and Edens, who pledged to keep the team in the city, agreed to add another $100 million.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.