Wall Street fund managers buy Milwaukee Bucks basketball team

[Sports News]

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By Svea Herbst-Bayliss (Reuters) - Hedge fund managers Marc Lasry and Wesley Edens are buying the National Basketball Association's Milwaukee Bucks for $550 million from businessman and former U.S. Senator Herb Kohl, becoming the latest Wall Street financiers to own a sports club. "I believe they are the right people and the right fit at the right time," Kohl said at a news conference in Milwaukee announcing the purchase as Lasry and Edens grinned nearby. The Bucks, valued by Forbes at $405 million and ranked as the last team in the 30-member league, have been on the block since late last year, Kohl said.

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