NEW INFORMATION: Investors agree to buy Bucks from Kohl; plan to keep team in Milwaukee

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MILWAUKEE, Wis. (WEAU) -- Two investors have agreed to buy the Milwaukee Bucks for $550,000,000, and plan to keep the basketball team in Milwaukee.

The team made the announcement on Wednesday afternoon. The National Basketball Association Board of Governors still has to approve the deal to transfer ownership of the team from President and Owner Herb Kohl to Wesley Edens and Marc Lasry. Kohl, a former democratic U.S. senator, pledged $100,000,000 toward a new arena for the team. Edens and Lasry committed to give another $100,000,000 toward the arena.

In December 2013, Kohl announced that he was looking for investment partners who were committed to keeping the team in Milwaukee. Kohl bought the Bucks in 1985.
MILWAUKEE (AP) -- Former Sen. Herb Kohl has called a news conference to discuss the ownership of the Milwaukee Bucks and the team's future.

Kohl has owned the Bucks since 1985.

He said in December that he was looking for new investors in the Bucks in hopes of building a new arena. He said then that any partners would have to be committed to keeping the team in Milwaukee.

The 79-year-old Kohl retired from the U.S. Senate in January 2013. He has said he's in good health but wants a long-term plan for the Bucks' future.

The team says in a statement that there will be a "major announcement" Wednesday afternoon.

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