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.
Apr 19, 2015, 8:08 PM EDT
Atlanta won as expected, but will need to play much better to accomplish anything meaningful this postseason.
Apr 19, 2015, 8:00 PM EDT
The Raptors organization was also fined $25,000.
Apr 19, 2015, 5:58 PM EDT
Cleveland opens first round with 113-100 win over Boston
Apr 19, 2015, 5:00 PM EDT
Playoff Kyrie is already the best.
Draymond Green on “scrimmage” comments vs. Pelicans: “They just felt the need to try to motivate themselves.”
Apr 19, 2015, 3:30 PM EDT
He won’t say who made the comment.
Apr 19, 2015, 2:00 PM EDT
It’s as great as you’d expect.
Apr 19, 2015, 12:30 PM EDT
Cleveland is solid, but untested.
Apr 19, 2015, 11:00 AM EDT
Steph being Steph.
Apr 19, 2015, 9:30 AM EDT
He said after the game he felt a pop in his knee. That’s bad.
Apr 19, 2015, 8:00 AM EDT
A little smack talk in advance of Bucks vs. Bulls.
Apr 19, 2015, 12:45 AM EDT
Houston outscores Dallas by 14 in 10 minutes with Howard and Harden, get outscored by four otherwise in 118-108 win
Apr 18, 2015, 11:30 PM EDT
Wade has the ability to hit free agency, but is choosing to stay in Miami for at least one more season.
Apr 18, 2015, 9:59 PM EDT
Rose finished with 23 points.
Apr 18, 2015, 9:00 PM EDT
Leaked images are horrible.
Apr 18, 2015, 7:56 PM EDT
Brooks scored 10 points in his first shift.
Apr 18, 2015, 6:39 PM EDT
Golden State, once up 25, escapes with 106-99 win
Apr 18, 2015, 5:00 PM EDT
The basketball was ugly, but this still may be a very competitive series.
Apr 18, 2015, 3:37 PM EDT
Pierce backed up his talk with plenty of action.
Apr 18, 2015, 2:00 PM EDT
They’re still expected to play around 32 minutes each.
Apr 18, 2015, 1:18 PM EDT
Ujiri cusses at a playoff pep rally for the second straight year.
- Hawks cruise to underwhelming Game 1 win over Nets 3
- Kyrie Irving aces, Kevin Love passes first playoff test in Cavaliers win over Celtics 15
- James Harden and Dwight Howard show Mavericks what they’re missing in Rockets’ Game 1 win 10
- Derrick Rose looks like his old self as Bulls beat Bucks in Game 1 19
- Warriors strong enough to outlast Anthony Davis and Pelicans in Game 1 7
- Paul Pierce leads Wizards to overtime Game 1 win over Raptors 6
- Q&A: Corey Brewer on trade from Timberwolves, his 51-point game, Harden’s MVP case, Rockets vs. Mavericks 3
- PBT First Round Playoff Previews: Los Angeles Clippers vs. San Antonio Spurs 10