MILWAUKEE (WKBT) -

Milwaukee Bucks owner Herb Kohl has reached a deal to sell the franchise to New York investment firm executives Marc Lasry and Wesley Edens.

Former Sen. Kohl made the announcment during a Wednesday afternoon news conference at the BMO Bradley Center in Milwaukee, the downtown home of the team.

The team purchase price was $550 million. Lasry and Edens also committed a $100 million investment to fund a new arena. Kohl, who has owned the Bucks for more than 25 years, also donated $100 million towards a new arena. The BMO Harris Bradley Center opened in 1998.

Kohl launched an effort to find additional investors to strengthen the Bucks franchise late last year. He wanted to find “financially capable investors who shared the love of the game and commitment to keep it in Milwaukee.” He is convinced he found the right people.

“It really is a dream come true,” Lasry said, adding that his goal is to bring a championship to the city within the next five years.

The 79-year-old Kohl retired from the U.S. Senate in January 2013. He has said he's in good health but wanted a long-term plan for the Bucks' future.