Milwaukee Bucks' New Arena Funding Plan Approved by State Senate
Following heated debates between state legislators, the Milwaukee Bucks franchise will likely be staying put after a deal was reached and approved by the state Senate to use public dollars to partially fund a new arena.
According to CBS 58's David Ade, the proposal passed by a vote of 21-10. The measure required 17 votes to pass.
Bucks president Peter Feigin released a statement following the state Senate vote, via the team's official website:
"Today's vote is a significant step forward in our collective effort to build a new sports and entertainment district in Wisconsin. We appreciate the bipartisan leadership in Madison for bringing this transformative partnership one step closer to reality. We're optimistic that this financing package will receive support in the Assembly and look forward to working with state, county and city officials.
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While the state assembly still needs to pass the plan for it to be official, ESPN.com's Brian Windhorst noted that the franchise cleared a major hurdle Wednesday:
The crux of the issue revolves around public funding in the amount of $250 million for a new arena, which the team needed approved in order to stick in Milwaukee.
"The NBA does not want the Bucks to extend the lease in an inadequate facility," Feigin said on July 6, according to the Washington Post's Des Bieler.
Had the Bucks not been able to secure the necessary funds to help build a modern facility for spectators, the franchise would have been at risk of moving to a larger market.
"Feigin said the Bucks owners' purchase agreement for the team includes a provision that construction of a new arena start in 2015," the Milwaukee Business Journal's Mark Kass wrote. "If that does not occur, he said the NBA will buy back the team for a $25 million profit and move them to 'Las Vegas or Seattle.'"
According to Yahoo Sports' Marc Spears, NBA Commissioner Adam Silver was optimistic regarding the Bucks' return to Milwaukee during a press conference with reporters Tuesday in Las Vegas:
Now that Bucks fans can exhale a bit, they can turn their attention back to on-court matters following a strong showing during the 2014-15 season.
After missing the playoffs during the 2013-14 campaign, the Bucks rebounded and returned to the postseason during Jason Kidd's first year as head coach.
Over the course of Kidd's inaugural season, the Bucks went 41-41, captured the Eastern Conference's sixth seed and pushed the Chicago Bulls to a six-game series in the first round of the playoffs.
With former No. 2 overall pick Jabari Parker on the mend, promising swingman Khris Middleton re-signed and post maven Greg Monroe now in the fold on a max contract, the Bucks' future is looking quite bright with new stomping grounds set to be built.
