Milwaukee, WI (SportsNetwork.com) - The Milwaukee Bucks have announced five new members to the franchise's ownership.

Wesley Edens and Marc Lasry purchased the club from Herb Kohl in April 2014 for approximately $550 million and on Wednesday revealed a quintet of new owners with minority shares in the team.

Included in that group are Marc and Adam Stern, who already own a minority stake in baseball's Milwaukee Brewers. Also joining the group will be local business leaders Agustin and Austin Ramirez, as well as Jeffrey Joerres.

"We couldn't think of a better way to begin the year than by adding such remarkable local leaders to our effort to help transform the community," said Edens in a statement Wednesday. "We're incredibly proud of the diverse, talented and distinguished team that has come together and look forward to working closely with everyone to build something very special in Milwaukee."

All of the new owners' bids have been approved by the NBA.