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 EST

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. Report: Mark Rachesky jumps into bidding for Hawks; price tag north of $900 million

    Mar 4, 2015, 6:14 PM EST

    Hawks pac man logo

    Don’t be shocked if the final price tag is close to $1 billion. Yes, for the Hawks.

  2. George Karl: Knicks could use a strong point guard next to Carmelo Anthony

    Mar 4, 2015, 5:15 PM EST

    Image (1) anthony_Karl-thumb-250x181-21662.jpg for post 6222

    Except you don’t really want a strong point guard in Phil Jackson’s triangle.

  3. P.J. Hairston has had a rough rookie season

    Mar 4, 2015, 4:30 PM EST

    Minnesota Timberwolves v Charlotte Hornets Minnesota Timberwolves v Charlotte Hornets

    Some guys turn things around, bu Hairston has a lot of work to do.

  4. Ray Allen announces he will not play this season

    Mar 4, 2015, 2:58 PM EST

    Miami Heat's Allen celebrates a three point shot against the Indiana Pacers during Game 7 of their NBA Eastern Conference final basketball playoff in Miami Reuters

    Allen isn’t officially retiring just yet, says he’ll reassess things in advance of next season.

  5. Pelicans’ Anthony Davis a gametime decision Wednesday vs. Pistons

    Mar 4, 2015, 2:15 PM EST

    Orlando Magic v New Orleans Pelicans Getty Images

    Davis has missed the last six games with a shoulder injury.

  6. Russell Westbrook confirms he will play Wednesday night vs. Sixers

    Mar 4, 2015, 1:28 PM EST

    He should put up numbers against the Sixers. Then again he puts up numbers on everyone.

  7. NBA admits missed foul call in final minutes of Timberwolves’ loss to Clippers

    Mar 4, 2015, 11:20 AM EST

    Andrew Wiggins, Spencer Hawes Andrew Wiggins, Spencer Hawes

    League is releasing officiating reports for all calls made in a close game’s final two minutes, and the results are fascinating.

  8. LeBron goes behind the back to avoid Avery Bradley on the break (VIDEO)

    Mar 4, 2015, 10:40 AM EST

    Boston Celtics v Cleveland Cavaliers Getty Images

    Nifty but necessary move by LeBron to earn the easy two points.

  9. Derek Fisher questions ‘character and integrity’ of players after Knicks lose to Kings by 38 points

    Mar 4, 2015, 9:20 AM EST

    Derek Fisher AP

    Knicks starting five combined for just 24 points, and New York trailed by as many as 44 before this one was finished.

Featured video

Is Derrick Rose the next Penny Hardaway?
Top 10 NBA Player Searches
  1. R. Westbrook (8655)
  2. K. Durant (8063)
  3. D. Rose (7369)
  4. A. Davis (7190)
  5. D. Cousins (7156)
  1. D. Howard (6958)
  2. J. Harden (6690)
  3. L. James (6656)
  4. P. George (6412)
  5. K. Irving (6360)