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Milwaukee Bucks to be sold


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The Milwaukee Bucks will announce later Wednesday that longtime owner Herb Kohl has reached an agreement to sell the team to hedge-fund billionaires Wesley Edens and Marc Lasry in a deal valued at $550 million, according to sources familiar with the transaction.


In January, Forbes valued the Bucks at $405 million, last among the league's 30 franchises.


Sources told ESPN.com that the deal, subject to league approval, will be confirmed in an afternoon news conference.


Kohl, a longtime U.S. senator who bought the team for $18 million in 1985, made keeping the team in Milwaukee a condition of the sale. It's also believed Kohl, while relinquishing majority control, will retain a significant percentage of the team.


The Bucks have fallen way short of expectations. After harboring hopes of making a playoff push, they will finish this season with the worst record in the NBA. Wednesday's announcement will bring an upbeat conclusion to Kohl's search for buyers who wouldn't try to move the team after his nearly 30 years of ownership and deep ties to the state of Wisconsin.


Among the challenges for Edens and Lasry, assuming their purchase is ratified by the league, will be erecting a new building to replace the outdated Bradley Center.


On a visit there in September, months before he succeeded David Stern, new NBA commissioner Adam Silver said "an obvious issue we all have to deal with is we need a new arena in Milwaukee."




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I watched the press conference earlier...both Senator Kohl and the new owners said they would each commit $100 million towards a new arena. As someone who has ties to Milwaukee, I really hope they stay in town.

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I imagine this will be the last NBA team to be sold until after the TV contract negotiations, although the inflation is already incurring. A 35% increase in evaluation from $405 million or so a year ago (the lowest in the league) to $550 million is rather nuts.

I'm sure they'll stay put but it, as always, depends on the arena deal. And, hey, if anybody needs a fresh identity, this is a perfect opportunity.

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I imagine this will be the last NBA team to be sold until after the TV contract negotiations, although the inflation is already incurring. A 35% increase in evaluation from $405 million or so a year ago (the lowest in the league) to $550 million is rather nuts.

I'm sure they'll stay put but it, as always, depends on the arena deal. And, hey, if anybody needs a fresh identity, this is a perfect opportunity.

What something is worth doesn't mean that it should sell at that price. A Big Mac is probably 30 cents in actual value but sells for like $3.50-$4.

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I can't believe the Bucks sold for over half a billion dollars. No one watches nor goes to their games! We're in a bubble.

Again, wait until after the TV contract then the REAL fun begins. I wouldn't be surprised if a team like the Magic end up selling for $750M or something. The money is out there and Seattle is willing to pay their weight in gold and then some to get a team OR an expansion team.

GR30a5H.png

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That seems a little low. Soda is where the real profit margins are.

Definitely.

Highly doubt if the actual value of a singular Big Mac is over 50 cents.

dfwabel to thread for confirmation

♫ oh yeah, board goes on, long after the thrill of postin' is gone ♫

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That seems a little low. Soda is where the real profit margins are.

Definitely.

Highly doubt if the actual value of a singular Big Mac is over 50 cents.

dfwabel to thread for confirmation

Cannot confirm as my dealings with management in the food business were mostly connected to the distributor (Sysco, USFoods, beer/wine/spirits distributors).

However, I recall five to six years ago, both McD and BK franchisees were upset at (and some sued) Corporate because they were losing money on selling $1 double cheeseburgers. The McDouble, with only one slice of cheese, came to McD as a result.

As for this team sale, future of a new arena, I'll just keep going to Field of Schemes. Also, these guys are going to ditch FSN Wisconsin for their own channel, right?

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So who made the better sale of a professional sports franchise in shambles, Herb Kohl or Frank McCourt?

As for this team sale, future of a new arena, I'll just keep going to Field of Schemes. Also, these guys are going to ditch FSN Wisconsin for their own channel, right?

If these North American sports owners were smart enough, then they know how shady and blatant wonderfully practical it is to create and run your own sports channel. Go ask the people here in Los Angeles or in Houston or in Columbus how successful those channels were in pissing-off diehards bringing in casual fans to enhance their sports-viewing experience.

That seems a little low. Soda is where the real profit margins are.

I cannot stress enough how successful McDonald's has been in their "$1 any-size soda" campaign. Since the actual cost of a 20-ounce size soda is 20-22 cents (12-14 cents to make the actual beverage plus 8 cents for the cup), they've been making a minimum profit of 500-600%. And this if the soda is advertised for a buck; the typical selling price of dispensary beverages at fast-food places are around $2 give-or-take (for a fat profit of 1,000-1,200%).

And don't even get me started on the profit margins sports teams make selling drinks at their games.

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I believe the Bucks have a sweet deal with FSN where they take priority over the Brewers no matter what, because 82 < 162. Not sure how much money it makes, though; I know the Brewers were notoriously underpaid for years because of Wendy Selig signing a long-term deal below market value.

♫ oh yeah, board goes on, long after the thrill of postin' is gone ♫

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Sold to hedgies....

So its getting flipped to Seattle, right?

On 8/1/2010 at 4:01 PM, winters in buffalo said:
You manage to balance agitation with just enough salient points to keep things interesting. Kind of a low-rent DG_Now.
On 1/2/2011 at 9:07 PM, Sodboy13 said:
Today, we are all otaku.

"The city of Peoria was once the site of the largest distillery in the world and later became the site for mass production of penicillin. So it is safe to assume that present-day Peorians are descended from syphilitic boozehounds."-Stephen Colbert

POTD: February 15, 2010, June 20, 2010

The Glorious Bloom State Penguins (NCFAF) 2014: 2-9, 2015: 7-5 (L Pineapple Bowl), 2016: 1-0 (NCFAB) 2014-15: 10-8, 2015-16: 14-5 (SMC Champs, L 1st Round February Frenzy)

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Sold to hedgies....

So its getting flipped to Seattle, right?

They stipulated that the team will stay in Milwaukee, but there is that remote possibility (a Sonicsgate like incident happening within a decade of the original would be disastrous for the NBA, even if it is a team that most people don't even know exists).

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Bill Simmons ruled it out, and he seems to know as much as anyone else.

I have hard feelings about how the last two years have played out for Seattle. Chris Hansen was a dick, Steve Ballmer was as ineffective with the NBA as he was with Microsoft, and the city was left to pick at what is quite possibly the very worst franchise in the league. That's nothing against the good people of Milwaukee -- it's more a swipe at how the franchise has accomplished approximately nothing since before Kareem Abdul Jabbar changed his name.

1 hour ago, ShutUpLutz! said:

and the drunken doodoobags jumping off the tops of SUV's/vans/RV's onto tables because, oh yeah, they are drunken drug abusing doodoobags

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Sold to hedgies....

So its getting flipped to Seattle, right?

They stipulated that the team will stay in Milwaukee, but there is that remote possibility (a Sonicsgate like incident happening within a decade of the original would be disastrous for the NBA, even if it is a team that most people don't even know exists).

Sorry. Since when are hedgies 1) trustworthy and 2) long term owners?

On 8/1/2010 at 4:01 PM, winters in buffalo said:
You manage to balance agitation with just enough salient points to keep things interesting. Kind of a low-rent DG_Now.
On 1/2/2011 at 9:07 PM, Sodboy13 said:
Today, we are all otaku.

"The city of Peoria was once the site of the largest distillery in the world and later became the site for mass production of penicillin. So it is safe to assume that present-day Peorians are descended from syphilitic boozehounds."-Stephen Colbert

POTD: February 15, 2010, June 20, 2010

The Glorious Bloom State Penguins (NCFAF) 2014: 2-9, 2015: 7-5 (L Pineapple Bowl), 2016: 1-0 (NCFAB) 2014-15: 10-8, 2015-16: 14-5 (SMC Champs, L 1st Round February Frenzy)

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