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

Kohl announced the deal Wednesday at the BMO Harris Bradley Center hours before the team was to play its final game of a dismal season. With the worst record in the NBA, Milwaukee is in position for a high draft pick.

Kohl is a former U.S. senator who has owned the team since 1985. Efforts to find new investors ramped up this year.

Kohl has made it a priority to find owners or investors who will keep the franchise in Milwaukee. He's also spoken for years about the need to upgrade or replace the Bradley Center, the team's downtown home which opened in 1988.