MILWAUKEE (WTAQ) – The past and present owners of the Milwaukee Bucks are not likely to give more than the $250 million they’ve committed toward a new downtown arena.
The Journal Sentinel says a planning insider for the project indicates that Marc Lasry and Wes Edens do not intend to exceed the $150 million they pledged when they bought the team last summer. Former owner Herb Kohl has pledged $100 million.
The new Bucks’ ownership team has since added Jamie Dinan — and state legislative finance co-chair John Nygren has said the Bucks should put up more than they have.
Governor Scott Walker has proposed $220 million in state bonding, saying it would be paid back by NBA players through income taxes from expected higher salaries due to the league’s upcoming TV deal.
GOP Assembly Speaker Robin Vos has indicated that the state will reduce Walker’s proposed bonding commitment — forcing Milwaukee city and county officials to contribute more, along with other possible investors. Vos has said he’d like all parties to get together to negotiate a final figure.
The Journal Sentinel says a more firm cost estimate will come out in the next week or two. The arena is now slated to cost up to $500 million.
