Milwaukee Bucks have been sold

Longtime Milwaukee Bucks owner Herb Kohl announced today, Wednesday, April 16, 2014, that he has reached an agreement to sell the team to hedge-fund billionaires Wesley Edens and Marc Lasry. The deal is big.

The deal is valued at $550 million, according to sources, and is subject to league approval.

Kohl, a longtime U.S. senator who bought the team for $18 million in 1985, did well in his investment. He invested $18 million dollars and turned it into $550 million dollars. That is good business.

Forbes just valued the Bucks at $405 million in January 2014, last among the league's 30 franchises.

Kohl, made keeping the Bucks in Milwaukee a condition of the sale. It's also believed Kohl, while relinquishing majority control, will retain a significant percentage of the Bucks.