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.
Sep 2, 2014, 12:02 AM EDT
Miami reportedly most interested in Emeka Okafor
Sep 1, 2014, 10:30 PM EDT
“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
Sep 1, 2014, 9:00 PM EDT
Halle Berry is officially married still, for the record.
Sep 1, 2014, 7:30 PM EDT
Ellington, acquired in trade from Knicks, likely stretched
Sep 1, 2014, 6:00 PM EDT
Former Wizard provides depth at small forward following Paul George’s injury
Sep 1, 2014, 4:30 PM EDT
“If you were at our practices and our training camp, anybody that was there, they would see why I made the team.” —Mason Plumlee
Sep 1, 2014, 3:00 PM EDT
Elephant dunks a basketball.
Sep 1, 2014, 1:31 PM EDT
This makes more sense, but he could get moved near the deadline.
Sep 1, 2014, 11:59 AM EDT
This would be a solid pickup for the bench, especially at the league minimum.
Sep 1, 2014, 11:00 AM EDT
Ron Rothstein and Bob McAdoo lose bench spots, could stay with Miami
Sep 1, 2014, 10:00 AM EDT
This is a win for Jay-Z’s Roc Nation.
Sep 1, 2014, 9:00 AM EDT
Harden’s reputation on the defensive end of the floor continues to grow.
Sep 1, 2014, 8:00 AM EDT
Whether he asked out or not doesn’t really change his situation much.
Sep 1, 2014, 12:30 AM EDT
Blatche being Blatche.
Aug 31, 2014, 11:00 PM EDT
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.
Aug 31, 2014, 9:30 PM EDT
France picked up a nice win over Argentina.
Aug 31, 2014, 7:59 PM EDT
James Harden makes the PUJIT work for him.
Aug 31, 2014, 6:29 PM EDT
The energy of Kenneth Faried helped Team USA pull away in the second half.
Aug 31, 2014, 5:31 PM EDT
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.
Aug 31, 2014, 5:00 PM EDT
Franklin only played one NBA season, but this will open up a roster spot in Memphis.
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- Report: Rajon Rondo wants to start season with Celtics, see how things unfold 11
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- Team USA trails at the half, then pulls away for 98-77 win over Turkey at FIBA World Cup 19
- Report: Nike nearing deal to keep Kevin Durant for next 10 years 22
- Report: Rajon Rondo has told Celtics ‘he wants out’ 68
- World Cup Day 1 roundup: Brazil with big win, Andray Blatche puts on a show 5
- USA cruises past Finland in World Cup opener, 114-55 18