OSHKOSH, WI (WTAQ-WLUK) – The Menominee Nation Arena announced Wednesday an agreement has been reached to keep Fox Valley Pro Basketball out of bankruptcy.
The court approved a $500,000 financing plan for the organization. As part of the agreement, Fox Valley Pro Basketball must work towards meeting a financial restructure by January 2020.
$400,000 in TIF money from the city of Oshkosh will also fund the organization’s operations.
A partial agreement had been reached on September 27th, according to Menominee Nation Arena.
The city originally agreed to pay the developer more than $5.5 million to help with the construction of the arena. That money was to come from future property tax revenues since the arena was built in a tax incremental financing district.
When a bankruptcy plan was approved for the arena last month, the city said the arena owed it more than $20,000 for utilities, public safety, and other services.
The city said it would not make its nearly $430,000 November TIF payment to the arena unless the arena paid what it owed the city.
Under the partial settlement, the city will make its November payment but take out the money the arena still owes. The city also plans to withhold some of the payment and set it aside for the city’s legal costs in the case.
The organization first announced the bankruptcy filing in August 2019.
Several shows were canceled at the arena, mostly due to financial issues.
The Menominee Nation Arena is home to the Wisconsin Herd, the Milwaukee Bucks’ affiliate in the NBA G League, and Wisconsin GLO, a Global Women’s Basketball Association team.
The arena has also hosted concerts and other special events.
