Originally posted on Fox Sports Wisconsin
By Andrew Gruman  |  Last updated 4/16/14
MILWAUKEE -- An era is officially ending, as Senator Herb Kohl is selling the Milwaukee Bucks after owning the team for 29 years. At a press conference Wednesday at the BMO Harris Bradley Center, Kohl announced he has entered into a purchasing agreement to sell the franchise to New York hedge-fund billionaires Wesley Edens and Marc Lasry. Forbes estimated Lasry to be worth $1.7 billion in 2014, while the publication estimated Edens' net worth at $1.2 billion in 2008. Lasry is the co-founder and chief executive officer of Avenue Capital Group, a private equity investment firm based in New York. Born in Morocco, the 53-year-old came to the United States as a child. Edens, 52, co-founded the investment management firm Fortress Investment Group, LLC. Kohl purchased the team on March 1, 1985 from Jim Fitzgerald for $18 million. The Bucks made the playoffs in 14 of the 29 years Kohl owned the team but only made it out of the first round four times and just once since 1989. Milwaukee has meddled in mediocrity for most of Kohl's tenure, but the Bucks are a league-worst 15-66 entering Wednesday night's season finale against Atlanta. The Bucks locked up the best odds to win the NBA's draft lottery (25 percent) with a loss to Toronto on Monday. An announcement in December revealed Kohl's intentions to seek additional investors for the franchise, hiring Steve Greenberg, managing director of the New York-based Allen and Company to advise him on the search. It became clear a short time later that Kohl was seeking to sell his stake in the team completely. A native of Milwaukee, Kohl attended Milwaukee Washington High School and the University of Wisconsin before earning his master's degree from Harvard University. Kohl joined the family-owned Kohl Corporation in 1959, serving in many capacities to the company which ran grocery and department stores. The family sold the corporation in 1979. Kohl was first elected to the United States Senate in 1988 and was re-elected three times before retiring when his term ended on Jan. 3, 2013. Follow Andrew Gruman on Twitter
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