The NBA's board of governors has unanimously approved the sale of the Milwaukee Bucks to New York investment firm executives Wesley Edens and Marc Lasry.
Former US senator Herb Kohl reached agreement with them last month for about $US550 million ($A595 million) after they pledged to keep the team in Milwaukee.
The NBA said on Thursday in a statement that the transaction was expected to close shortly.
Kohl is donating $US100 million ($A108.2 million) for a new arena to replace the BMO Harris Bradley Center.
Commissioner Adam Silver praised Kohl for his "unprecedented and historic financial gift toward the construction of a new Milwaukee arena and for his outstanding service to the league and his community over his nearly 30-year tenure".
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