3 Game Changers For The New Bucks Arena That You Might Have Missed
When the sale of the Bucks was announced a week or ago, you heard the phrase "gamechanger" quite a bit. Amid the political/media/business cheerleading for the project, the $550 million sale and the offer of $200 million toward the cost of a new arena seemed decisive turning points. The push for "public" support (read taxes) began in earnest trailed by clouds of hype and optimism.
But in the last several days, despite muted media coverage, there have been at least three genuine game-changers on the fate of the new arena:
The NBA has the right to buy back the Milwaukee Bucks from incoming owners Wesley Edens and Mark Lasry if a deal to abring a new arena to the city is not in place by November 2017, according to sources briefed on the situation.
Sources told ESPN.com that the sale agreement announced last week to transfer the Bucks from longtime owner HerbKohl to Edens and Lasry for a purchase price of $550 million includes a provision that allows the league to buy back the team for $575 million if construction on a new building in Milwaukee is not underway by the deadline.
Why it’s a game changer:
1. Marc Lasry is famous for his penchant for high stakes poker, and the story made it clear that he has not been showing us allhis cards.
2. Despite the happy talk at the announcement,there is no "commitment," no guarantee the team will stay here. The sale was merely the carrot. Now we get the stick.
3. The owners assumed no risk by offering $550 million for a team without a new arena. The unreported sale guarantee wa sundoubtedly an important reason for the eye-popping price tag.
4. The story is a reminder the NBA is driving this discussion. They are writing the script; the rest of us are bit players.
5. The local media is not going to be asking or getting answers to tough questions about details in the deal. They got beat on the NBA story and buried it afterward. Skeptics might start wondering, what else don’t we know ?