The NBA announced Thursday afternoon that the Board of Governors has unanimously approved Marc Lasry and Wes Edens as the new majority owners of the Milwaukee Bucks, putting the finishing touches on the $550 million sale agreement that was announced one month ago.
Per NBA Commissioner Adam Silver:
"We are pleased that Wes Edens and Marc Lasry have been approved as the new owners of the Milwaukee Bucks. The Bucks and their fans will benefit greatly from their vast business experience, energy and strong commitment to Milwaukee. I would like to thank Senator Kohl again for his unprecedented and historic financial gift toward the construction of a new Milwaukee arena and for his outstanding service to the league and his community over his nearly 30-year tenure."
In light of the ongoing controversy surrounding Los Angeles Clippers owner Donald Sterling following his offensive comments released to the media, the NBA was reportedly stepping up the rigor on its vetting process for new owners. Evidently there was little of concern to be dug up on Lasry and Edens (aside from a strange underground poker ring, perhaps?), and the rest of the league has now opened the doors for the pair of hedge-fund billionaires to join the exclusive club.
With the sale approved, Lasry and Edens will soon be able to start a full-scale assessment of the Milwaukee Bucks franchse, including pressing personnel decisions in the front office and coaching staff. The immediate future holds some critical events, most notably the NBA Draft Lottery next Tuesday.
For the latest news on Lasry and Edens' transition into ownership, be sure to follow our StoryStream for updates.