The Milwaukee Bucks is an American professional basketball franchise based in Milwaukee, Wisconsin. The Bucks compete in the National Basketball Association (NBA) as a member team of the league's Eastern Conference Central Division. The team was founded in 1968 as an expansion team, and played at the BMO Harris Bradley Center. Former U.S. Senator Herb Kohl was the long-time owner of the team, with John Hammond as current general manager; as of April 16, 2014 a group led by billionaire hedge fund managers Wesley Edens and Marc Lasry agreed to purchase a majority interest in the team from Kohl, a sale which was approved by the owners of the NBA and its Board of Governors a month later on May 16. The team is currently valued at $675 million according to Forbes, ranking second-to-last in the l