On April 16, 2014, long-time Bucks owner Herb Kohl agreed to sell a majority interest of the team to New York-based billionaires Wes Edens, and Marc Lasry for $550 million, but Kohl still retains a significant minority interest in the team. The new owners are expected to keep the team in Milwaukee, and are also expected to contribute $100 million toward building a new arena for the franchise. Approval from the NBA Board of Governors came on May 15, a month later.