Adam Silver says the Bucks are close to announcing the site of their new arena, but the bigger issue remains funding its construction.
That’s $300 million toward an arena with an estimated cost of $400 million.
If the Bucks don’t break ground on the new arena by 2017, the NBA can buy back the franchise at a discounted cost. So, Edens and Lasry are stepping up to protect their asset.
A person with knowledge of the private negotiations of the purchase of the Milwaukee Bucks tells The Associated Press that the new ownership group has committed another $50 million toward the construction of a new arena.
Based on the above numbers – admittedly, it’s murky just how much the minority investors have pledged and how much the arena would actually cost – that’s $50 million short.