TCW Group Inc. Chairman Marc Stern is among the newest owners of the National Basketball Association's Milwaukee Bucks, a team controlled by Marc Lasry, co-founder, chairman and CEO of Avenue Capital Group, and Wesley Edens, co-founder, principal and co-chairman of Fortress Investment Group LLC.
Mr. Stern is among five newly named limited partners in the team, which was sold to Messrs. Lasry and Edens in April for $550 million. Mr. Stern is also a minority owner of Major Leage Baseball's Milwaukee Brewers team, which is owned by Mark Attanasio, managing partner at Crescent Capital Group LP.
Also joining the Bucks' ownership group are Adam Stern, a managing director and head of business development at Aristeia Capital LLC. He is also an investor in the Brewers.
The Bucks are exploring plans for a new arena. Messrs. Lasry and Edens pledged at least $100 million toward the construction of a new facility. The team's previous owner, former Sen. 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.