The Greater Milwaukee Foundation has announced a $100 million gift from former U.S. Senator and Milwaukee Bucks owner Herb Kohl for the development of a new sports arena in downtown Milwaukee.

The gift — the largest in the foundation's history — will be held in trust until plans regarding the future of the Bucks are finalized. Kohl, who sold the NBA team earlier this year, pledged at the time of the sale to contribute $100 million toward construction of a new arena if the team agreed to stay in Milwaukee. The gift was announced on the eve of the community foundation's hundredth anniversary.

"Because of their long history of working with donors to strengthen the region, I am pleased to partner with the Greater Milwaukee Foundation to help me fulfill my promise to the community we cherish," said Kohl. "As GMF looks ahead to its exciting next chapter of service to our community, and with the Bucks' commitment to keep Milwaukee an NBA city, now is the time to keep the momentum and excitement growing for the future of downtown development and to preserve this important asset for our state."

According to the Milwaukee Journal Sentinel, Marc Lasry and Wes Edens, the Bucks' current owners, have pledged an additional $100 million for a new arena.