A source with knowledge of the sale process said Monday the sale of the Milwaukee Bucks to New York investors Marc Lasry and Wesley Edens "is moving quickly."

"It's possible there will be news later this week," the source said.

Former senator Herb Kohl is selling the team he has owned since 1985 to Lasry and Edens for $550 million, which includes assumed debt. In addition, Lasry and Edens have committed $100 million toward the cost of a new arena, as has Kohl.

NBA Commissioner Adam Silver said in mid-April that he anticipated it would take about a month for the sale to be formally approved by NBA owners. It appears his timetable was right on target.

Both Lasry and Edens were in Milwaukee May 2 to meet with top business leaders, including Timothy Sheehy, president of the Metropolitan Milwaukee Association of Commerce, and Ted Kellner, a prominent businessman and one of the driving forces behind an MMAC arena committee. The meeting was held to get Edens and Lasry up to speed on the efforts to build a new arena and start the process of attracting local investors in the franchise.