MILWAUKEE, WI (LEARFIELD-WSAU) Milwaukee Bucks' owner Herb Kohl said Monday he's looking for new ownership partners who are committed to keeping the N-B-A team in Wisconsin.
Kohl tells the Journal Sentinel he has retained Steven Greenberg, the managing director of Allen-and-Company of New York, to advise him on suitable partners.
The 78-year-old Kohl bought the Bucks in 1985, to keep them from moving to Minnesota before the Twin Cities got the expansion Timberwolves. Kohl said he's looking for as broad of a group as he can possibly find, and they don't have to be from Wisconsin. However, Kohl said anyone brought into the ownership must commit fully to keeping the Bucks in Milwaukee.
The current owner said he does not know how the process will unfold -- but he knows that additional owners will add quote, "more strength, more stability, more certainty." Kohl said he does not have a targeted number of partners in mind. He also said investors must commit to building a new arena for the Bucks and Milwaukee's other indoor sports and concerts. A task force is currently looking into the arena issue.
The Bucks have one N-B-A championship to their name, that being in 1971. They have not made it past the first round of the playoffs in 13 seasons.