"We are pleased that Wes Edens and Marc Lasry have been approved as the new owners of the Milwaukee Bucks," said NBA commissioner Adam Silver. "The Bucks and their fans will benefit greatly from their vast business experience, energy and strong commitment to Milwaukee.
"The transaction is expected to close shortly."
Edens and Lasry are expected to take control of the team prior to the draft lottery on Tuesday, with the Bucks having a 25 percent chance at the top pick.
The new ownership group will keep the team in Milwaukee thanks to a new arena that is in the works.
"I would like to thank Senator Kohl again for his unprecedented and historic financial gift toward the construction of a new Milwaukee arena and for his outstanding service to the league and his community over his nearly 30-year tenure," Silver said.