ESPN: NBA could buy back Bucks if no arena deal by 2017
MILWAUKEE (WITI) -- If the Milwaukee Bucks' new owners and supporters of a new downtown arena are unable to raise another $200 million or more from private -- and possibly public -- sources and launch a definite project schedule by 2017, the NBA could buy back the city's NBA franchise, ESPN.com reported Monday.
Former Sen. Herb Kohl is awaiting NBA approval to sell the Bucks to Wes Edens and Marc Lasry for $550 million. The NBA could buy back the team for $575 million, ESPN.com reported.
"Right now, it`s been kind of slow. A lot of meetings, a lot of talk, a lot of ideas -- but there`s been very little action at all. Having a set thing in the future says you have to make a decision," Mark Kass, Editor-in-Chief of the Milwaukee Business Journal said.
Kass says he thinks such a deadline will force leaders to act with more urgency.
Tim Sheehy with the Metropolitan Milwaukee Association of Commerce says there's plenty to discuss.
"At the end of the day, we are gonna require some form of public financing to make this deal work. That`s what we believe today," Sheehy said.
Where the public money comes from is the challenge.
Milwaukee leaders want a regional approach, while officials in surrounding counties don't want to chip in.
Racine County Executive Jim Ladwig reiterated on Tuesday he's opposed to Racine County taxpayers helping to fund the new arena. He says he believes any economic benefits of a new arena wouldn't help Racine County to the point where they'd justify supporting a regional tax.
Common Ground officials say they will only support a new arena if the project includes at least $150 million worth of upgrades to youth athletic fields and playgrounds in Milwaukee County.
"The reason our campaign is focused on the children of Milwaukee County is because we see that as being the most viable outcome for any kind of public tax - that it would be Milwaukee County only," Jennifer O'Hear with Southeastern Wisconsin Common Ground said.
With so many interests involved, Sheehy says one thing is certain:
"There needs to be a regional recognition that this is good for the region. Whether that translates into a pure form of regional taxation or not, I think there are a number of ways to get to that answer," Sheehy said.
An NBA spokesman says the league has no comment on the arena situation in Milwaukee.
The Milwaukee County Board is set to vote on Thursday, April 24th on whether to put an advisory referendum on the fall ballot.
It would ask whether public money should be used for a new arena.
Sheehy says the board should wait until an actual proposal is on the table.
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