Aug 4, 2014, 11:45 AM EDT
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.
Apr 25, 2015, 9:30 AM EDT
The Spurs are Kawhi Leonard’s team now.
Apr 25, 2015, 8:00 AM EDT
These feel like Stephen Curry’s playoffs.
Apr 25, 2015, 1:28 AM EDT
Leonard was fantastic at both ends of the court.
Apr 25, 2015, 12:18 AM EDT
The Wizards are moving on. That’s the Truth.
Apr 24, 2015, 10:30 PM EDT
Dwight Howard grabbed 26 rebounds, too.
Apr 24, 2015, 9:30 PM EDT
Portland, down 0-2 to Memphis, needs all the help it can get.
Apr 24, 2015, 8:30 PM EDT
NBA continues its technological push.
Apr 24, 2015, 7:30 PM EDT
Parker is going to finish his degree at Duke.
Apr 24, 2015, 6:45 PM EDT
The Warriors eventually won in overtime regardless.
Apr 24, 2015, 6:00 PM EDT
Looking past the first round to some of the more exciting later matchups to come.
Apr 24, 2015, 5:15 PM EDT
The long-running rift continues.
Apr 24, 2015, 4:30 PM EDT
He’s got to coach whoever they draft anyway, why not?
LeBron James on why Kevin Love gets criticized: ‘When you have a big three, they’ve got to find someone’
Apr 24, 2015, 3:47 PM EDT
With Heat, it was Chris Bosh
Apr 24, 2015, 3:11 PM EDT
Aron Baynes doubtful
Apr 24, 2015, 2:33 PM EDT
Spurs assistant coach achieved incredible success in Europe
Apr 24, 2015, 1:55 PM EDT
Which is ridiculous
Apr 24, 2015, 1:07 PM EDT
Despite the chess match going on, guys still have to just hit their looks.
Apr 24, 2015, 12:31 PM EDT
Brave to admit the mistake, but still not inspiring
Apr 24, 2015, 11:52 AM EDT
Johnson a borderline top-10 prospect
Apr 24, 2015, 11:15 AM EDT
And I’m not just talking about allowing Stephen Curry’s game-tying 3-pointer
- PBT Extra: Stephen Curry starting to have his defining playoff moments 2
- Behind 32 points from Kawhi Leonard, Spurs rout Clippers to take 2-1 series lead 8
- The Truth (and Marcin Gortat) will set Washington free, up 3-0 on Toronto after win 3
- James Harden scores 42 points to lead Rockets to Game 3 win, 3-0 series lead over Mavericks 16
- Why can’t the Pelicans foul in a timely manner? 7
- PBT Extra: No Rajon Rondo, no Chandler Parsons, Dallas is in trouble vs. Houston 6
- Stephen Curry drops 40, leads 20-point comeback as Warriors beat Pelicans in OT, take 3-0 series lead 10
- Stephen Curry hits ridiculous corner three to force OT (VIDEO) 18