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.
Mar 29, 2015, 10:30 PM EDT
The Clippers beat the Celtics and had the best highlight of the game.
Mar 29, 2015, 9:01 PM EDT
All our thoughts are with him.
Mar 29, 2015, 8:00 PM EDT
Monty Williams is not amused.
Mar 29, 2015, 6:30 PM EDT
The Rockets won 99-91 in Washington.
Mar 29, 2015, 5:00 PM EDT
You needed this in your life.
Mar 29, 2015, 3:30 PM EDT
Obviously, the Spurs will match any offer he gets.
Mar 29, 2015, 2:00 PM EDT
This likely means the end of the Nate Robinson era.
Mar 29, 2015, 12:30 PM EDT
Most expect another lockout following the 2016-17 season.
Mar 29, 2015, 11:00 AM EDT
Great execution by the Blazers.
Mar 29, 2015, 9:30 AM EDT
Kanter found a way to motivate the Jazz in the dog days of the season, and the Thunder lost in part because of it.
Mar 29, 2015, 8:00 AM EDT
“You don’t have to be best friends to come out here and work together.”
Mar 29, 2015, 12:26 AM EDT
The Golden State Warriors are the team to beat out West.
Enes Kanter rips Jazz, calls his time there a ‘three-and-a-half-year frustration'; gets booed by fans
Mar 28, 2015, 11:00 PM EDT
Kanter was traded to the Thunder midseason.
Mar 28, 2015, 9:30 PM EDT
MJ’s still got it.
Lakers coach Byron Scott says opposing players have told him during games they’d ‘love to be in L.A. next year’
Mar 28, 2015, 8:00 PM EDT
Big, if true.
Mar 28, 2015, 6:30 PM EDT
Legislation was signed into law in Indiana last week, and has been criticized as one that could legalize discrimination.
Mar 28, 2015, 5:00 PM EDT
Hornets, still fighting for a playoff spot, catch a break.
Mar 28, 2015, 3:30 PM EDT
Van Gundy coached five seasons in Orlando, but was fired after the way the Dwight Howard debacle played out.
Mar 28, 2015, 2:00 PM EDT
Kerr was joking, and making light of a mini-controversy that occurred recently with the Cavaliers.
Mar 28, 2015, 12:30 PM EDT
Clark played key bench minutes the same day he was signed.
- NBA players’ union head believes new labor deal can be reached without a work stoppage 7
- Kendrick Perkins says you’re blowing the LeBron James/Kevin Love thing way out of proportion 18
- Mark Cuban rips officials, NBA: ‘It’s criminal’ how Monta Ellis doesn’t get calls 25
- Shaquille O’Neal says he regrets leaving Magic for Lakers 43
- Cavaliers coach David Blatt: ‘LeBron James is our MVP’ 22
- No Durant, what does that mean for Thunder in these playoffs? Trouble. 15
- Kevin Durant to have third foot surgery; is done for season, playoffs 39
- Goran Dragic leading feisty Heat’s playoff push 29