UPDATE: New ownership announced for the Milwaukee Bucks - WKOW 27: Madison, WI Breaking News, Weather and Sports

UPDATE: New ownership announced for the Milwaukee Bucks

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UPDATE (WKOW) -- Senator Herb Kohl announced Wednesday after a long search for new investors of the Milwaukee Bucks, he found two who would keep the team in Milwaukee.

After 29 years as owner of the team, Kohl announced the new owners as Wes Edens and Marc Lasry. Both men are investment firm executives in New York.

Kohl made it a priority to find owners or investors who would keep the franchise in Milwaukee.

It was also announced that Kohl is gifting $100 million to a new arena for the Milwaukee Bucks.  Edens and Lasry will also be putting $100 million into the new arena fund. Kohl has spoken for years about the need to upgrade or replace the Bradley Center, the team's home in downtown Milwaukee since 1988.

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MILWAUKEE (WKOW) -- Milwaukee Bucks President and Owner Herb Kohl is set to make a major announcement regarding ownership of the team.

The announcement will come at 2:30 Wednesday afternoon inside the BMO Harris Bradley Center in Milwaukee.

Stay with 27 News for updates.


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