Tuesday, April 22, 2014

Here's One For You, Seattle... Think 2017...

((HT: Fox6now.com/Milwaukee Business Journal-Kirchen))

The clock is ticking on Milwaukee and the Bucks- whether they know it or not...

According to Fox 6 in Milwaukee, if Senator Herb Kohl and the two hedge fund guys buying the franchise from Kohl can't pony up another $200-million for a new arena, the NBA can buy the team back from whoever the owner is in 2017 for $575-million.

And the HQ is sure the team won't be on the market for long...

Just ask Chris Hansen and the folks in Seattle how interested they'd be in snapping them up if it all falls apart...

Wes Edens and Marc Lasry are supposedly picking up the franchise for $550 million, but the Bradley Center is thought of as "too small" since it was opened in 1988. NBA commissioner Adam Silver confirmed in September 2013 that the league had given Kohl the 2017 deadline...

From Kirchen:

Kohl pledged $100 million and the prospective owners another $100 million toward arena construction. A new arena would cost an estimated $400 million to $500 to build.

Leading arena supporter Tim Sheehy, president of the Metropolitan Milwaukee Association of Commerce, said after the sale announcement he believes public funding will be necessary for a new arena. MMAC also is working to attract additional contributions from private individuals and foundations to minimize public funding.


Brewers owner Mark Attanasio has even said he would contribute to the process...

Here's the first time of (probably) many the question will be addressed for the next few years...
((HT: WTMJ-TV))

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