Herb Kohl is reportedly set to announce the sale of his majority ownership of the Milwaukee Bucks for $550 million. Kohl is expected to retain a "significant percentage" of the team, according to ESPN's Marc Stein. The new majority owners are Marc Lasry and Wes Edens, investment bankers who accumulated their fortunes primarily as hedge-fund managers. With plenty of new information sure to pour in over the next 24 hours, beginning with a 2:30 pm press conference from Kohl, here's a quick look at the two men expected to assume control of the Milwaukee Bucks franchise in the coming days.
Age: 53 (est.)
Birthplace: Marrakech, Morocco (grew up in Hartford, CT)
Education: B.A. in History from Clark University in Worcester, MA, J.D. from New York Law School.
Claim to Fortune: Founded Avenue Capital Group in 1995, with managed assets estimated at $13.6 billion as of March 2014.
Curious: Lasry was considered for appointment as United States Ambassador to France in 2013 (at the suggestion of Bill Clinton, a close friend), but withdrew for multiple reasons, including his holdings with ACG and possible ties to a poker-ring scam. Lasry is said to be a "competitive athlete," particularly in basketball and tennis.
Wesley "Wes" Edens
Education: B.S. in Finance from Oregon State University.
Claim to Fortune: Co-Founded Fortress Investment Group LLC in 1998, with managed assets estimated at $61.8 billion at the end of 2013. Managing Director at BlackRock Financial Management Inc. prior to 1998.