There has been speculation for several years whether Kohl, a former U.S. senator, might sell the team.
"When I bought the Milwaukee Bucks back in 1985, it was for one reason-to keep the team here," Kohl said in a statement. "To this day, that remains a top priority. We are proud to be an NBA city. We are very grateful to our fans and business partners who support us.
"Over the next several months I will be considering broadening the ownership of the Bucks as a way to strengthen the franchise and keep it in Milwaukee. ... In the event new investor partners are added, they will need to be as committed to keeping the team in Milwaukee as I am.
"In addition to committed ownership, it is imperative that we get to a new 21st century sports and entertainment facility in a timely manner, not only for the Bucks but also for the more than 1.5 million visitors who attend nearly 200 events held there each year."
NBA commissioner David Stern issued the following statement regarding Kohl's announcement:
"Senator Kohl bought the Bucks in 1985 in order to ensure the team would remain in Milwaukee. During his extraordinary stewardship his goal remained the same -- to bring the fans of Wisconsin high-quality basketball from a team they would be proud to call their 'home' team.
"With this announcement, Senator Kohl continues his mission: to assure continuity of ownership by broadening its ownership base, and assuring that the fans of Wisconsin will enjoy NBA basketball and other events in a new state-of-the-art facility."