Herb Kohl addressed his ownership status of the Milwaukee Bucks on Monday and stated he is seeking new investors who are committed to keep the team in its current city.

Kohl anticipates the process will take several months and he has retained Allen & Co. of New York City as his adviser.

“The process will start this week and will take as long as it needs to take,” Kohl said. “We will do whatever is necessary to ensure that anyone that joins the ownership is as committed to keeping the team in Milwaukee as I am.”

“Senator Kohl bought the Bucks in 1985 in order to ensure the team would remain in Milwaukee," David Stern said in a statement. "During his extraordinary stewardship his goal remained the same -- to bring the fans of Wisconsin high-quality basketball from a team they would be proud to call their ‘home’ team.  With this announcement, Senator Kohl continues his mission: to assure continuity of ownership by broadening its ownership base, and assuring that the fans of Wisconsin will enjoy NBA basketball and other events in a new state-of-the-art facility.”

Kohl any new agreements will include a clause requiring that the team remain in Milwaukee.

The NBA has told Kohl that the Bucks need a new arena to meet the league's standards.