This was expected to happen soon — if you find guys willing to spend $550 million on the Milwaukee Bucks, you jump on it.
The NBA found that with hedge fund billionaires Wesley Edens and Marc Lasry and those two are expected to be approved by the owners on Thursday, reports Brian Windhorst of ESPN.
In the wake of the Donald Sterling scandal, there was a push within the league to have an extra thorough vetting of the new owners, sources said. That process, however, is complete and the league’s Board of Governors will approve the transaction that was initially signed last month.
The timing of the sale will allow Edens and Lasry to take control of the team before next Tuesday’s draft lottery in New York, which was a priority. The Bucks, at 25 percent, have the highest odds to win the lottery after an NBA-worst 15-67 season. The high draft choice in what is expected to be a deep draft was one of the attractive selling points of the team.
The lottery will be exciting, but that’s not where the real work with the Bucks will be — they need a new arena.
Edens and Lasry have said they would pitch in $100 million toward a new arena, and soon-to-be former owner Herb Kohl has pledged $100 million. That’s a lot of cash, but it’s only about two-fifths of what will be needed. Edens and Lasry need to find the other money (likely trying convince the local or state government to pitch in, which will be a tough sell), then they need to get a location and start the approvals process.
The deadline is 2017, when the Bucks current lease is up.
If a new arena deal is not in place, the sale agreement says the league can buy the Bucks back from Edens and Lasry for $575 million. That would prevent them from just moving the team or trying to flip it.
Eric Bledsoe reportedly requested a trade from the Suns before the season then tweeted yesterday:
After sending home Bledsoe today, Suns general manager Ryan McDonough explained his rationale:
The hair salon! What a wonderful excuse.
Is it true? I’m not going to call Bledsoe a liar. It might be.
It’s also probably true that Bledsoe isn’t long for Phoenix.
In a shocking twist, the Suns firing Earl Watson did not end the dysfunction in Phoenix.
Chris Haynes of ESPN:
John Gambadoro of Arizona Sports 98.7:
Adrian Wojnarowski of ESPN:
That is a first-rate tweet by Bledsoe. It’s great that he’s having fun with the wild situation, because the rest of us sure are amused peering in.
This was always going to be a long season in Phoenix, but things got out of hand in a hurry. The 0-3 Suns have been outscored by 92 – the worst three-game start in NBA history by 16 points. Now, comes the fallout.
At 27, Bledsoe was getting to be a little too old for a rebuild centered on Devin Booker, Josh Jackson, Marquese Chriss, Dragan Bender and T.J. Warren. The Suns could have dealt Bledsoe in the offseason. Now, they’re negotiating from a position of weakness.
Bledsoe is a good starting point guard when healthy. He’s earning a reasonable $14.5 million this season and due $15 million in the final year of his contract next season. There should be suitors, and Phoenix can gain long-term assets while stepping up its tank.
But this sure seems like a crisis-control move more than anything else.
Knicks president Steve Mills started his second tenure talking about rebuilding and listed Willy Hernangomez as a core piece.
But Hernangomez, coming off an All-Rookie first-team season, barely played in New York’s season-opening loss to the Thunder– drawing scrutiny.
Then, he didn’t play at all in a loss to the Pistons – eliciting a strong reaction from Hernangomez himself.
Hernangomez, via Fred Kerber of the New York Post:
“The same. I’m still mad,” Hernangomez said. “I cannot help the team win if I’m sitting on the bench. Two games in a row. It’s tough. I have to wait my moment. I cannot say nothing more.”
The Knicks are moving in different directions. Management is talking about building for the future. Coach Jeff Hornacek, who was hired by previous president Phil Jackson, is trying to win now.
There’s a fine line between developing Hernangomez through playing time and making him earn his minutes. Enes Kanter and Kyle O'Quinn might be better right now.
But being marginally better this season won’t get the Knicks anywhere meaningful except lower in the lottery. On the other hand, even on rebuilding teams, winning is most important to a coach’s job security. Earl Watson implemented the Suns’ tanking scheme, and look where that got him.
Hornacek is backed into a corner, and now one of the team’s most important young players is publicly expressing his displeasure. It’s the latest troubling sign in a locker room already suspicious of Hornacek.
Suns guard Eric Bledsoe tweeted yesterday:
In light of Phoenix’s 0-3 start and Earl Watson getting fired yesterday, that sure looks like a trade request. Still, there’s risk in making assumptions about vague tweets.
John Gambadoro of Arizona Sports 98.7:
Why wouldn’t Bledsoe want out? The 27-year-old is in his prime and stuck on a young team that would rather tank than play him.
It’ll be interesting to see how Bledsoe explains the tweet. He previously paid lip service to his situation in Phoenix, but it appears he’s ready to open up. On the other hand, public trade requests typically draw fines from the NBA.