Changes are coming for the Milwaukee Bucks ownership group

There could be changes in the ownership of the Milwaukee Bucks.

The team announced during a press conference at the team's training facility in downtown Milwaukee that it would make an “important ownership announcement” Thursday morning.

Earlier this month, reports emerged that former Bucks star Junior Bridgeman was in the process of purchasing a stake in the team, but neither he nor Wes Edens, the team's current governor, were listed as attending the press conference.

The only member of the Bucks' current ownership group to remain is Jimmy Haslam, who joined the group a year ago when he bought Marc Lasry's 25 percent stake in the team for a reported $800 million.

Forbes estimated the Bucks franchise would be worth $2.3 billion in 2023, a significant increase from the $550 million Edens, Lasry and Jamie Dinan paid for the franchise when they purchased it from the late Senator Herb Kohl in April 2014.

The increase is due in large part to the Bucks' comeback on the court, led by two-time Most Valuable Player Giannis Antetokounmpo, who led Milwaukee to its first world championship in 50 years in 2021.

The construction of a new arena and the associated development around the facility also contribute to the increase.

Kohl invested $100 million of the sale proceeds to build a new arena to replace the Bradley Center. The owner matched that amount, and the remaining funds came from the city of Milwaukee, Milwaukee County and the state of Wisconsin.

Construction on the Fiserv Forum began in 2016 and the building opened in time for the 2018 season. Since then, the Bucks have developed numerous properties around the facility into the “Deer District,” featuring numerous bars, restaurants and an upscale hotel, The Trade, which will open in May 2023.

The team is still redeveloping the site of the former Bradley Center, which is directly south of the current arena, and is reportedly in the process of building an office building on another vacant lot surrounding the arena.