The Milwaukee Bucks will announce later Wednesday that longtime owner Herb Kohl has reached an agreement to sell the team to hedge-fund billionaires Wesley Edens and Marc Lasry in a deal valued at $550 million, according to sources familiar with the transaction.
In January, Forbes valued the Bucks at $405 million, last among the league's 30 franchises.
Sources told ESPN.com that the deal, subject to league approval, will be confirmed in an afternoon news conference.