NBA Board of Governors unanimously approves Bucks sale

The sale of the Milwaukee Bucks from Herb Kohl to the billionaire duo of Wesley Edens and Marc Lasry was unanimously approved by the NBA Board of Governors on Thursday.

The deal had been agreed to and announced on April 16 at a sale price of $550 million, with both seller and purchaser agreeing to commit $100 million toward a new arena that would keep the team in Milwaukee.

Commissioner Adam Silver released the following statement via NBA.com:

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.

You can read more about the sale process, the new owners, and the requirement that the city get an arena deal in place by 2017 in the storyline below.