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. Derrick Rose after first back-to-back in years: “I’m feeling good right now”

    Sep 1, 2014, 10:30 PM EDT

    Derrick Rose Derrick Rose

    “I’m feeling good right now. Just trying to get in better shape, get in better condition, so that when I do need to score the ball, then it’ll be there.” —Derrick Rose

  2. Kings waive Wayne Ellington

    Sep 1, 2014, 7:30 PM EDT

    New Orleans Pelicans v Dallas Mavericks Getty Images

    Ellington, acquired in trade from Knicks, likely stretched

  3. Pacers to sign Chris Singleton

    Sep 1, 2014, 6:00 PM EDT

    chris-singleton Getty Images

    Former Wizard provides depth at small forward following Paul George’s injury

  4. Mason Plumlee wants you to know Duke, Nike had nothing to do with him making Team USA

    Sep 1, 2014, 4:30 PM EDT

    Finland v USA Getty Images

    “If you were at our practices and our training camp, anybody that was there, they would see why I made the team.” —Mason Plumlee

  5. Elephant dunks a basketball?

    Sep 1, 2014, 3:00 PM EDT

    Elephant dunks a basketball.

  6. Report: Rajon Rondo wants to start season with Celtics, see how things unfold

    Sep 1, 2014, 1:31 PM EDT

    Detroit Pistons v Boston Celtics Getty Images

    This makes more sense, but he could get moved near the deadline.

  7. Report: Clippers close to deal with Chris Douglas-Roberts

    Sep 1, 2014, 11:59 AM EDT

    Chris Douglas-Roberts, Gary Neal Chris Douglas-Roberts, Gary Neal

    This would be a solid pickup for the bench, especially at the league minimum.

  8. Heat demote two assistants to hire Juwan Howard

    Sep 1, 2014, 11:00 AM EDT

    Ron Rothstein and Bob McAdoo lose bench spots, could stay with Miami

  9. Kevin Durant confirms he is staying with Nike

    Sep 1, 2014, 10:00 AM EDT

    12-390_Nike_KDV_Upper_Detail-02_original

    This is a win for Jay-Z’s Roc Nation.

  10. James Harden with more bad defense in USA’s win over Turkey (VIDEO)

    Sep 1, 2014, 9:00 AM EDT

    Team USA Practice Session Getty Images

    Harden’s reputation on the defensive end of the floor continues to grow.

  11. Rajon Rondo’s agent denies they asked Celtics for a trade

    Sep 1, 2014, 8:00 AM EDT

    Oklahoma City Thunder v Boston Celtics Getty Images

    Whether he asked out or not doesn’t really change his situation much.

  12. Report: Hedo Turkoglu nearing free agent deal to return to Clippers

    Aug 31, 2014, 11:00 PM EDT

    Washington Wizards v Los Angeles Clippers Getty Images

    Turkoglu didn’t do much in L.A. last year, but Chris Paul recently touted the importance of consistency in the Clippers’ chances for success next season.

  13. James Harden’s four-point play vs. Turkey (VIDEO)

    Aug 31, 2014, 7:59 PM EDT

    James Harden James Harden

    James Harden makes the PUJIT work for him.

  14. Team USA trails at the half, then pulls away for 98-77 win over Turkey at FIBA World Cup

    Aug 31, 2014, 6:29 PM EDT

    Team USA Showcase Getty Images

    The energy of Kenneth Faried helped Team USA pull away in the second half.

  15. Report: Kings finalizing deal to trade Jason Terry to Rockets

    Aug 31, 2014, 5:31 PM EDT

    Newly acquired Brooklyn Net's NBA player Jason Terry smiles as he is introduced to the media during a news conference in Brooklyn Reuters

    Terry was never going to be a fit in Sacramento, but could be a nice veteran addition for a Rockets team that plans on contending next season.

  16. Report: Grizzlies waive Jamaal Franklin

    Aug 31, 2014, 5:00 PM EDT

    Jamaal Franklin Jamaal Franklin

    Franklin only played one NBA season, but this will open up a roster spot in Memphis.

Featured video

Will LeBron get booed Christmas Day in Miami?
Top 10 NBA Player Searches
  1. D. Rose (3146)
  2. T. Mozgov (2283)
  3. K. Bryant (2283)
  4. J. Embiid (2142)
  5. R. Allen (2066)
  1. K. Love (2062)
  2. L. James (2026)
  3. C. Delfino (2011)
  4. R. Rondo (1992)
  5. D. Waiters (1925)