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March 06, 2015

Milwaukee to Benefit From $550 Million Sale of Bucks

Herb Kohl, the former U.S. senator, is preparing to ramp up his philanthropy after selling the Milwaukee Bucks basketball team last year for $550 million, the Milwaukee Business Journal reports. Mr. Kohl, a Wisconsin Democrat who left the Senate in 2013, told the newspaper he will focus his giving on his home city and state and has reached out to local officials and foundation leaders for suggestions.

Mr. Kohl, who headed the Kohl's department-store chain, donated $100 million from the Bucks sale to the Greater Milwaukee Foundation, earmarking the funds for construction of a new arena for the NBA franchise. He said education would be a top priority in his future giving, noting that he met recently with Milwaukee's school superintendent to discuss the district's needs.