August 27, 2014

NBA needs an arena deal or they could move the Bucks

According to an ESPN.com report, the NBA has the right to buy back the Milwaukee Bucks from prospective owners Wesley Edens and Marc Lasry for $575-million, if a deal to build a new arena is not in place by November 2017.

The $575-million is $25-million more than Edens and Lasry paid for the team from former senator Herb Kohl.

Kohl told the Milwaukee Journal Sentinel recently  that the Bucks need a new arena or they will be gone.

Both Kohl and the ownership group of Edens and Lasry, committed $100-million each towards a new arena in Milwaukee.  It’s believed a new facility will cost at least $400-million to build.

It’s thought that it may take some form of a sales tax, like the one that helped build Miller Park, to help finance a portion of the remaining total necessary to build a new facility.  But there’s also plenty of opposition by taxpayers for such a possibility.

The new ownership group is also hoping to get others in the city to invest in a facility.  Brewers principal owner, Mark Attanasio, said he would be willing to help out but hasn’t said anything further about his possible support.