MADISON, WI (WTAQ) – The state Assembly’s chairman of the legislative finance committee wants the owners of the Milwaukee Bucks to put up more money toward a new downtown arena.
Marinette Republican John Nygren said he believes Marc Lasry, Wes Edens, and Jamie Dinan can pay more than the $150 million they’ve pledged.
Monday, the finance panel heard from Administration Secretary Mike Huebsch on Governor Scott Walker’s budget plan to borrow $220 million for the new arena — and to have NBA players pay it back with an expected increase in salaries and income taxes due to a new TV contract.
Senate finance chair Alberta Darling says lawmakers need more information.
During Monday’s hearing, GOP lawmakers asked Huebsch how much in state income taxes would be lost if the Bucks left town. He said the state would lose around $7 million a year.
The NBA wants a new arena in place in Milwaukee by mid-2017 — or else the league could buy back the team and move it out.
Meanwhile, Lasry and Dinan appeared Monday on Forbes Magazine’s new list of the 400 wealthiest Americans. Forbes said Dinan is ranked the 279th richest American with a net worth of $2.4 billion. Lasry is worth $1.9 billion. He ranks 347th. Both founded hedge funds.
(Story courtesy of Wheeler News Service)
