3:27pm: Lowe cautions that he didn’t run into either Kahn or anyone from the Bucks this past weekend, so he hasn’t independently confirmed the story, even though he’s heard the rumor over the past few days (Twitter link).
3:20pm: Grantland’s Zach Lowe seconds the report, having heard plenty of chatter about the news at All-Star weekend (Twitter link).
2:53pm: Former Timberwolves GM David Kahn is the front man for a group that’s looking to buy a share of the Bucks from owner Herb Kohl, tweets Gery Woelfel of The Journal Times (Twitter link). Woelfel reported nearly a month ago that there were four “serious suitors” who were considering bids for the team, but Kohl appears to be seeking to add minority owners for now.
Milwaukee might be the league’s most unstable franchise, given the desire of Kohl and the NBA for a new arena. The team’s lease at the Bradley Center, the team’s home for the past quarter-century, expires in 2017. Milwaukee civic leaders have been reluctant to fund upgrades to the existing facility, and while Kohl is “obsessed” with building a new home for the team, as Woelfel wrote last month, it appears securing public funding will be an uphill battle. Concerns about the viability of the Milwaukee market is making the league hesitant to expand to Seattle or anywhere else in the near future.
It’s unclear just how large a stake Kahn and his partners are looking for, or just how much of a role any minority ownership will play in the team’s quest for a new arena. Woelfel pegged the value of the team at anywhere from $380MM to $500MM in his earlier report.