The NBA's board of governors has unanimously approved the sale of the Milwaukee Bucks to New York investment firm executives Wesley Edens and Marc Lasry.
Former U.S. senator Herb Kohl reached agreement with them last month for about $550 million after they pledged to keep the team in Milwaukee. The NBA says Thursday in a statement that the transaction is expected to close shortly.
Commissioner Adam Silver says the Bucks and their fans "will benefit greatly from their vast business experience, energy and strong commitment to Milwaukee."
Silver also praised Kohl, who is donating $100 million for a new arena to replace the BMO Harris Bradley Center, for his "unprecedented and historic financial gift toward the construction of a new Milwaukee arena and for his outstanding service to the league and his community over his nearly 30-year tenure."