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.
Aug 2, 2015, 12:30 AM EDT
Davis is in talks to re-sign with the Clippers.
Aug 1, 2015, 11:00 PM EDT
Hamilton played 14 games with the Clippers last season.
Aug 1, 2015, 9:30 PM EDT
Rose played in the 2010 and 2014 FIBA World Championships.
Aug 1, 2015, 8:00 PM EDT
That would be good news for the Spurs and bad news for the rest of the Western Conference.
Aug 1, 2015, 6:30 PM EDT
Noah spent most of last season limited by knee surgery.
Aug 1, 2015, 5:00 PM EDT
His $4.7 million salary for next season is unguaranteed.
Aug 1, 2015, 3:30 PM EDT
Paul is still in the running for a spot on the 2016 Olympic team.
Aug 1, 2015, 2:00 PM EDT
Will this lead to all 30 teams getting their own affiliates?
Hakeem Olajuwon and Dikembe Mutombo make surprise appearances for Team Africa in NBA exhibition game (VIDEO)
Aug 1, 2015, 12:30 PM EDT
Team Africa faced off against Team World in Johannesburg.
Aug 1, 2015, 11:00 AM EDT
Mbah a Moute signed a one-year deal with the Kings in July.
Aug 1, 2015, 9:30 AM EDT
Biyombo has worked with Hakeem Olajuwon this summer on post moves, other parts of his game.
Aug 1, 2015, 8:00 AM EDT
The Nets will be paying the price for their win-now era for a few years to come still.
Aug 1, 2015, 1:11 AM EDT
This is the right move, whether he decides to play in Rio or not.
Jul 31, 2015, 11:08 PM EDT
He looks like a guy who can live up to the No. 1 pick billing.
Jul 31, 2015, 10:26 PM EDT
Norris Cole is still looking for a bigger payday.
Jul 31, 2015, 9:31 PM EDT
Her credentials are unassailable.
Jul 31, 2015, 8:10 PM EDT
He is currently out on bond.
Jul 31, 2015, 7:15 PM EDT
Hill told the police he was “in a hurry.” I guess so.
Jul 31, 2015, 7:01 PM EDT
Neither guy is going to make a difference on the court for these teams. This was just moving some money around.
Jul 31, 2015, 5:46 PM EDT
Crabbe looked good in Las Vegas at Summer League.
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- Report: Hawks’ Mike Scott told police after arrest all drugs in car were his 17
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- Report: Kings expected to hire Nancy Lieberman as assistant coach 9
- Report: Hawks’ Mike Scott arrested for felony drug possession 16
- Gilbert Arenas on LeBron James: “James isn’t a #1 option..and yes I (didn’t stutter)” 48
- Report: Veteran point guard Andre Miller reaches one-year deal with Timberwolves 10