According to a report, when Marc Lasry and Wesley Edens officially take over ownership of the Milwaukee Bucks, the team will operate under the same lease the previous ownership had at the BMO Harris Bradley Center.
Don Walker of the Milwaukee Journal Sentinel reported that the lease will transfer to the new owners when they are approved by the league, something that is expected later this month.
The lease at the Bradley Center runs through 2017, by which time the NBA expects the Bucks to be in a new arena.
However, it’s likely that the NBA would give the franchise a little leeway provided a new arena is more than just a discussion point.
The Bucks don’t pay rent at the facility and receive a share of concessions, catering, merchandise and programs.
The Federal Trade Commission has also approved the sale from former U.S. Sen. Herb Kohl to Lasry and Edens, ruling the $550 million proposed deal does not run afoul of antitrust law.
A new arena is going to be a significant hurdle, even with Kohl and the new owners each pledging $100 million toward it. That would likely leave at least $200 million to be raised from other sources and given that taxpayers are still paying the sales tax to pay for Miller Park, getting approval for funding from voters could face an uphill climb (but what tax proposal doesn’t in today’s economic climate?).
However, the Bradley Center was built in the 1980s with no taxpayer money and the Brewers got a new facility a little more than a decade ago, so one could argue the Bucks are due.
And if there is no support for a new arena for Milwaukee, there have been rumors about a city in the Pacific Northwest that would be interested in reacquiring an NBA franchise.
Tags: Milwaukee Bucks