Herb Kohl Close to Selling Milwaukee Bucks; What Does It Mean for Franchise?
It’s been rumored for quite some time that Milwaukee Bucks owner Herb Kohl has been trying to sell the team. In fact, that’s the exact reason why Kohl wanted to make the Bucks stay competitive on the court over the past few years. Reports are surfacing that Kohl is on the verge of making a deal to sell the franchise, but what does that mean for the chances of the Bucks actually staying in Milwaukee?
Bill Simmons of ESPN reported on Saturday that Kohl had already found a buyer and that the deal was just waiting for league approval. However, Charles F. Gardner of the Milwaukee Journal Sentinel reported that it’s not as close as everyone thinks. The latter is a more reliable source when it comes to Bucks basketball, but it’s really up in the air at this point.
Either way, it’s quite obvious the team is going to get sold one way or the other. It’s just a matter of time until that actually happens. Even though the Bucks have been miserable for years, and that includes their playoff berth last season, the fans in Milwaukee don’t want to see their team go. It’s not that the fans don’t appreciate the Bucks because Milwaukee truly is a basketball town. It just gets harder after a while to support a team when the owner and management continue to make horrendous decisions.
The good news is Kohl doesn’t want to see the Bucks leave Milwaukee, which is why it has taken some time to find the right owner. He will only sell to an ownership group that is willing to ensure the Bucks never relocate as long as that group is at the helm. The NBA also doesn’t want to see the Bucks move to a different city, which means they will get involved if it comes down to it. However, the NBA also wants to see the BMO Harris Bradley Center, the arena Milwaukee plays in, get some significant upgrades if the Bucks do indeed stay. In fact, a brand new arena will most likely have to be a part of the deal.
It’s unknown who the new ownership group will be, but there are rumors suggesting that Milwaukee Brewers owner Mark Attanasio will be involved. According to Simmons, the Bucks are expected to be sold for approximately $525 million, despite the team value set at $405 million.