Aug 4, 2014, 11:45 AM EST
When Wes Edens and Marc Lasry purchased the Milwaukee Bucks for a then-record $550 million it came with one string attached — they had to keep the team in Milwaukee and get a new arena built. If things are not approved an on the way by 2017 the team can be purchased by the league and sold to new owners (mostly likely in the area rather than moved to Seattle or another destination).
Edens and Lasry are taking the first steps toward that new arena, talking with the city about locations, reports Don Walker of the Journal Sentinel.
The new owners of the Milwaukee Bucks hope to identify a site for a new multipurpose arena in the next three or four months, according to Ald. Bob Bauman….
“They have a very tight timetable,” Bauman said. “They want to have a site identified in three or four months. Then they want to do the engineering and design. Then they will focus on the financials.”
The Bucks owners, who live in New York, are trying to learn the lay of the land in Milwaukee — where there is land and where they could get approvals for a stadium (and if it is like every other recent one some retail and residential development around it).
The real question with the arena will be paying for it, this will likely cost at least $500 million. Edens and Lasry have said they would combine to pitch in $100 million, former Bucks owner Herb Kohl pitched in $100 million, and the six minority investors in the team also are expected to kick in some cash for the development.
But to get this done they are going to want some form of public financing. That will prove to be tricky. There is built in opposition to this, particularly any kind of tax (sales or otherwise). If that does become a sticking point, it will lead to some tough decisions for the league about the future of the franchise. Commissioner Adam Silver, even more than former commissioner David Stern, doesn’t want to see franchises move, but this could be his biggest test case, depending on how things shake out over the next few years.
Jan 29, 2015, 12:01 AM EST
The good news is that Walker may return in as little as six weeks, which means Charlotte’s playoff chances should remain intact.
Jan 28, 2015, 11:15 PM EST
The Hall of Famer held the previous record with 33 points in a period, but did so before the three-point line was implemented.
Jan 28, 2015, 10:30 PM EST
This one’s not too bad.
Jan 28, 2015, 9:43 PM EST
Kyrie Irving should have had the NBA Jam announcer calling this game.
Jan 28, 2015, 8:50 PM EST
Barnes immediately played the victim card after receiving the fine, but the NBA (and the video) say otherwise.
Jan 28, 2015, 7:50 PM EST
“Softer but not illegal,” Jackson attempted to clarify.
Jan 28, 2015, 7:00 PM EST
Cleveland is just 1-8 without LeBron in the lineup this season.
Kobe Bryant expected to be ready for start of 2015-16 season after undergoing successful shoulder surgery
Jan 28, 2015, 6:37 PM EST
Bryant will miss the remainder of the current season, and is expected to be sidelined for nine months.
Jan 28, 2015, 6:13 PM EST
One may have to work a little harder to find the late night parties in Cleveland.
Jan 28, 2015, 5:30 PM EST
Larry Sanders’ suspension allows Milwaukee to add 16th player
Jan 28, 2015, 4:45 PM EST
He is likely bought out if the Celtics can’t find a trade partner.
Jan 28, 2015, 3:59 PM EST
He had a broken wrist.
Jan 28, 2015, 3:08 PM EST
Wiggins also joins three other Timberwolves
Jan 28, 2015, 2:30 PM EST
Jan 28, 2015, 1:55 PM EST
Teletovic being released from hospital today
Jan 28, 2015, 1:17 PM EST
Jackson said breaking rule gave New York an edge due to team’s style of play
Jan 28, 2015, 12:42 PM EST
Thunder remain heavy favorites
Jan 28, 2015, 12:05 PM EST
The Raptors are trying to be patient and tap into his potential.
Jan 28, 2015, 11:17 AM EST
Mirotic, drafted in 2011, is a darkhorse challenger to Andrew Wiggins for Rookie of the Year
Jan 28, 2015, 9:59 AM EST
It probably would matter less than before, but why change the date?
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