This is probably not the most fun time to be one of the owners of the Milwaukee Bucks. Your arena plans are stalled for lack of a site that you can get anyone to sell you, your hopes for a “jock tax” to kick back your employees’ income tax payments to fund an arena are getting hammered as a secret Republican tax increase, and the $100 million the guy you bought the team from plans to give you toward the arena has been exposed as a massive tax dodge. What to do? How about have someone anonymously leak that you’re willing to chip in slightly more of your own money toward arena costs? Think any reporters will bite on that?
Bucks’ owners to kick in $50 million more than thought for arena
By Don Walker of the Journal Sentinel
This is actually a rumor that Walker first reported all the way back to August, but having an actual source (albeit unnamed) giving a specific number enables the Journal Sentinel to put it in a headline, and what else do you want from a slow holiday news week? Sure, naysayers might point out that this still leaves at least $200 million in arena funding unaccounted for, but that can be covered down in the 17th paragraph:
A number of ideas are on the table, including asking the state Legislature to approve a bonding plan to raise at least $150 million. Supporters of that plan argue that the request by the Bucks would be no different from any other company seeking state bonds for an economic development project.
“A bonding plan.” Journal Sentinel editors, you do know that bonds have to be paid off somehow, so “have the state sell bonds” makes about as much sense as an ultimate funding solution as “put it on our credit card,” right? Right? Oh, dear.
I wonder how many years of this dragging out would happen before Kohl’s “$100M gift” to the Greater Milwaukee Foundation, earmarked to a new arena, would probably be “converted” to a general donation.
I’m starting to smell a renovation. Either that, or the owners are making a big “good faith” push so that the NBA will let them keep the team and move it in 2017.
FWIW, I got an arena survey from the Bucks yesterday and there were some interesting questions. For example, they ask if we think an arena is even necessary and things that would seem to suggest that Ben’s renovation idea could be back in play. I just don’t see it though since the NBA has been adamant about a new building and not a renovated one.
The NBA’s job is to demand a new arena if that’s what the owners want. If Lasry and Edens are okay with renovations, I can’t see Adam Silver telling them no, the league won’t allow it.
Trueblood, can you share a copy of the survey? I’d be really interested to see it.
Bucks owners should kick in 50 million more, four more times like a person buying a car who’s really bad at haggling the price.