TCW Group’s Marc Stern Buys Stake in Lasry’s Milwaukee BucksScott Soshnick
TCW Group Inc. Chairman Marc Stern is among the newest owners of the National Basketball Association’s Milwaukee Bucks, a team controlled by Avenue Capital Management’s Marc Lasry and Fortress Investment Group LLC co-founder Wesley Edens.
Stern is among five newly named limited partners in the team, which was sold to Lasry and Edens last April for $550 million. He’s a minority owner of baseball’s Milwaukee Brewers, who are owned by Crescent Capital Group’s Mark Attanasio.
Also joining the Bucks’ ownership group are Adam Stern, a managing director and head of business development at Aristeia Capital, a New York-based asset management firm. He is also an investor in the Brewers.
The other limited partners named today by the Bucks are Jeffrey A. Joerres, executive chairman of ManpowerGroup; Agustin A. Ramirez, former chief executive officer of HUSCO International; and Austin Ramirez, HUSCO’s CEO.
The Bucks are exploring plans for a new arena. Edens and Lasry pledged at least $100 million toward the construction of a new facility. The team’s previous owner, former Senator Herb Kohl, as part of the sale agreed to give a $100 million gift to the city toward the construction of a venue to replace the BMO Harris Bradley Center.
The Bucks are 18-18 this season.