Skip to content

Report: If new arena not built in Milwaukee league can buy back team from new owners

Apr 21, 2014, 9:22 PM EDT

When Herb Kohl agreed to a deal then announced the sale of the Milwaukee Bucks to New York based hedge fund managers Marc Lasry and Wes Edens for a record $550 million, Kohl said he was confident the team was not moving. Lasry and Edens talked about putting together a unified effort to get a new arena built — and started by 2017 when the current lease is up — because their goal is to keep the team in Milwaukee.

Now we know why.

The contract to sell the team says if Lasry and Edens can’t get the area built the league can buy the team back from them rather than let them move it, reports Brian Windhorst at ESPN.

The NBA has the right to buy back the Milwaukee Bucks from incoming owners Wesley Edens and Mark Lasry if a deal to a bring a new arena to the city is not in place by November 2017, according to sources briefed on the situation.

Sources told ESPN.com that the sale agreement announced last week to transfer the Bucks from longtime owner Herb Kohl to Edens and Lasry for a purchase price of $550 million includes a provision that allows the league to buy back the team for $575 million if construction on a new building in Milwaukee is not underway by the deadline.

What that means is that Lasry and Edens can’t turn around and sell to Chris Hansen in Seattle or some other outside group looking to move the team and just turn a healthy profit as the middlemen (not that $25 million is shabby).

The question becomes if Lasry and Edens can’t get it built — with Kohl putting $100 million in the kitty and the new owners putting up that much or more of their own cash — then who can? And if this group can’t get an arena built, should the team be sold to be moved?

Adam Silver doesn’t want that (he pushed behind the scenes to give Sacramento the chance to hold off Seattle’s efforts last year), he believes in franchise stability. This seems like a situation that is prime to get that new arena built in Milwaukee and keep that historic franchise right there.

But now we know what the consequences are if the arena deal falters.

Latest Posts
  1. Doc Rivers got PAID

    Aug 27, 2014, 4:22 PM EDT

    San Antonio Spurs v Los Angeles Clippers San Antonio Spurs v Los Angeles Clippers

    New contract with Clippers makes Rivers the NBA’s highest-paid coach

  2. Cavaliers sold Kyrie Irving on contract extension with LeBron James-Kevin Love plan

    Aug 27, 2014, 2:22 PM EDT

    Cleveland Cavaliers v Miami Heat Cleveland Cavaliers v Miami Heat

    Go back to July 1 and consider the possibility of LeBron James and Kevin Love playing for Cleveland this season

  3. Kevin Love says Timberwolves owner should focus on his own team following trade to Cavaliers

    Aug 27, 2014, 1:02 PM EDT

    Kevin Love Kevin Love

    Minnesota’s owner tried to point out some of Love’s flaws once the deal was done.

  4. Doc Rivers signs contract with Clippers through 2019

    Aug 27, 2014, 12:21 PM EDT

    Doc Rivers, Steve Ballmer Doc Rivers, Steve Ballmer

    Clippers owner Steve Ballmer calls keeping Rivers ‘one of my top priorities’

  5. Donald Sterling doesn’t appeal, basically throws in towel on owning Clippers

    Aug 27, 2014, 11:46 AM EDT

    Donald Sterling, V. Stiviano Donald Sterling, V. Stiviano

    Donald Sterling will try to embarrass the league going forward, but he will not ever own the Clippers again.

  6. Iman Shumpert excited to play in triangle offense because he won’t just have to stand in the corner

    Aug 27, 2014, 10:31 AM EDT

    Miami Heat v New York Knicks Getty Images

    Shumpert and other Knicks will love an offense with player and ball movement… if ‘Melo shares the rock.

  7. Sixers GM says he never had conversations about acquiring Anthony Bennett

    Aug 27, 2014, 9:51 AM EDT

    Sam Hinkie

    Sixers value a pick in next year’s draft more than they do Bennett at this time.

  8. Report: Clippers plan to stretch Carlos Delfino, waive Miroslav Raduljica

    Aug 27, 2014, 9:22 AM EDT

    Carlos Delfino Carlos Delfino

    Clippers could sign Chris Douglas-Roberts, Ekpe Udoh with freed cap space

  9. Anthony Davis was filling up the stat sheet vs. Slovenia (VIDEO)

    Aug 27, 2014, 8:00 AM EDT

    Anthony Davis Anthony Davis

    Davis had 18 points, nine rebounds, five blocks and three steals in 20 minutes of work.

  10. Kyrie Irving, Goran Dragic threw some wicked moves at each other (VIDEO)

    Aug 27, 2014, 12:25 AM EDT

    Puerto Rico v United States Getty Images

    The point guards made this blowout more fun to watch.

  11. Bucks sign No. 31 pick Damien Inglis

    Aug 26, 2014, 10:30 PM EDT

    2014 NBA Rookie Photo Shoot Getty Images

    Milwaukee’s trade with Clippers cleared a roster spot

  12. Zydrunas Ilgauskas’ agent denies comeback attempt

    Aug 26, 2014, 8:35 PM EDT

    Miami Heat v Atlanta Hawks Getty Images

    Former Cavaliers center, 39, has been retired three years

Featured video

Will LeBron get booed Christmas Day in Miami?
Top 10 NBA Player Searches
  1. K. Love (3902)
  2. D. Rose (3810)
  3. T. Young (2721)
  4. L. James (2676)
  5. K. Bryant (2668)
  1. K. Irving (2587)
  2. E. Bledsoe (2107)
  3. G. Hayward (2069)
  4. A. Davis (1973)
  5. R. Allen (1884)