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.
May 30, 2015, 11:00 AM EDT
Report also says it’s expected that Wade and the Heat will work things out.
May 30, 2015, 9:30 AM EDT
He played good defense in the conference finals, the numbers show.
May 30, 2015, 8:00 AM EDT
He’s the frontrunner right now.
Doc Rivers on report that Chris Paul and DeAndre Jordan had a falling out: ‘I can put this to rest: They get along great’
May 30, 2015, 12:01 AM EDT
It’s literally Rivers’ job to quash these types of rumors.
May 29, 2015, 11:00 PM EDT
Why should he?
May 29, 2015, 10:00 PM EDT
Sefolosha suffered a leg fracture during a police incident that kept him from participating in the playoffs.
May 29, 2015, 9:00 PM EDT
Would you pay $700 for two pairs of sneakers?
May 29, 2015, 8:00 PM EDT
Jeff Hornacek remains in charge, but there has been some shuffling among his assistants.
May 29, 2015, 7:01 PM EDT
There are questions about the future of Josh Smith, Patrick Beverley and others with the team.
May 29, 2015, 6:15 PM EDT
The two most popular players in the NBA this season (with Kevin Durant out) go head-to-head on the NBA’s biggest stage.
May 29, 2015, 5:29 PM EDT
Cleveland’s defense has looked better in the playoffs than it has all season, but starting next Thursday it will get the biggest test it has had all season.
May 29, 2015, 4:53 PM EDT
Skiles is a former Magic player from 1989 through 1994.
May 29, 2015, 4:30 PM EDT
Ayesha Curry cooks, Stephen Curry tastes, and Riley Curry points out raspberry-sauce spills
May 29, 2015, 3:45 PM EDT
Would hiring Thibodeau really a wise call by the Pelicans?
May 29, 2015, 3:09 PM EDT
The NBA needs to review this process going forward.
May 29, 2015, 2:14 PM EDT
Warriors guard passed, but not enough time had passed to determine his health
May 29, 2015, 1:25 PM EDT
Atlanta guard expected to miss 3-4 months
May 29, 2015, 12:43 PM EDT
Believable, but is that why it’s believed?
May 29, 2015, 12:04 PM EDT
Varejao was slated to miss the entire season with an Achilles tear
May 29, 2015, 11:17 AM EDT
NBA gives Rockets center a flagrant foul, rescinds technical fouls for him and Andrew Bogut
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