Updated: 5/15/2014 6:26 pm
New York, NY (SportsNetwork.com) - The NBA's Board of Governors unanimously approved the sale of the Milwaukee Bucks on Thursday.
The deal, which saw Herb Kohl pass off the franchise to investors Wesley Edens and Marc Lasry for approximately $550 million, was originally consummated on April 16.
"We are pleased that Wes Edens and Marc Lasry have been approved as the new owners of the Milwaukee Bucks," said NBA commissioner Adam Silver. "The Bucks and their fans will benefit greatly from their vast business experience, energy and strong commitment to Milwaukee. I would like to thank Senator Kohl again 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."
In addition to the purchase agreement, Kohl has pledged a $100 million gift for the development of a new arena for the team. The new owners will keep the franchise in Milwaukee and will also contribute at least an additional $100 million toward the arena project.