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.
Dec 21, 2014, 8:00 PM EST
Rose has been there before.
Dec 21, 2014, 6:30 PM EST
The very public meeting with Jackson was leverage to help get Karl to lower his asking price.
Dec 21, 2014, 5:00 PM EST
Stevens dismisses rumors of Indiana University.
Dec 21, 2014, 3:30 PM EST
The Knicks guard will be reevaluated in two weeks.
Dec 21, 2014, 1:52 PM EST
Knee injuries have robbed us of the good Gallinari.
Dec 21, 2014, 12:30 PM EST
Everything went wrong for Sanders and the Bucks last year.
Dec 21, 2014, 11:00 AM EST
Why else would trade rumors surface 20 games or so into his first season in Charlotte?
Dec 21, 2014, 9:30 AM EST
The Thunder are right to be cautious here.
Dec 21, 2014, 8:00 AM EST
The Bucks went heavy with Brandon Knight at the end of the game. That went about as well as you’d expect.
Dec 21, 2014, 12:46 AM EST
Nine assists but shot 3-of-11.
Dec 21, 2014, 12:16 AM EST
He can do better.
Dec 20, 2014, 10:30 PM EST
A final look back at Rondo’s time in Boston as he gets set to make his debut with Dallas.
Dec 20, 2014, 9:00 PM EST
Cavaliers are tied with the Pistons for 23rd in defensive efficiency.
Dec 20, 2014, 7:11 PM EST
Kings are looking to make a splash, and Williams has been made available in trade by the Nets.
Dec 20, 2014, 6:30 PM EST
Dragic will opt out of the final year of his deal to become an unrestricted free agent this summer.
Dec 20, 2014, 5:00 PM EST
An expletive was added for emphasis.
Dec 20, 2014, 3:30 PM EST
No contact on the perimeter, yea he’s up for that.
Dec 20, 2014, 2:00 PM EST
The Christmas Day slate of games is (mostly) stellar.
Dec 20, 2014, 12:30 PM EST
Dunk of the year by Johnson had Drummond throwing elbows.
Dec 20, 2014, 11:00 AM EST
Rivers saw this coming just four games into the season.
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- Rajon Rondo was very Rondoesque in debut with Mavericks (VIDEO) 18
- Report: Kings discussing trade for Deron Williams with Nets 12
- Report: Multiple teams contacting Suns trying to trade for Goran Dragic 10
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- Jeremy Lin after Kobe misses at the buzzer: ‘I like game-winners too’ 60
- Damian Lillard drops career high 43, leads Blazers to 3OT win over Spurs (VIDEO) 8