The current Milwaukee Bucks home, the BMO Harris Bradley Center, is probably one of the worst arenas in the NBA. The teams home since 1988, is one of the older arenas in the NBA, and if the city of Milwaukee wants to keep the team, then they’ll probably need to do something about that sooner than later. If not, the team might find a new city to call home.
Wisconsin Governor Scott Walker realizes this and has announced a plan to use $220 million is state bonds for a new Milwaukee Arena. Team ownership has pledged $150 million to go along with former owner and founder Herb Kohl’s $100 million that he said he went contribute, giving the Bucks $470 million for a new home to play their games. Walker calls the plan “Pay Their Way.”
Don Walker (no relation to Scott) of the Milwaukee Journal Sentinel explains the plan by saying:
Recent estimates indicate that the amount of income tax revenue from NBA athletes in 2015 would total $15 million. That number is expected to increase dramatically in the years to come, due in large part to the explosive growth in revenue the NBA is expected to receive from its TV network partners. That, in turn, will boost player salaries, giving the state more revenue. That growth in income tax revenue due to future contracts and estimated pay increases would be used to repay the bonds, which would only be issued after all other funding totaling $300 million is secured.
This is good news if you are a Bucks fan, as it looks like this plan can become a real possibility. Of course there will always be people who disapprove of having new stadiums or arenas built. If it just so happens that this plan does fall through, I hear the city of Seattle is still looking for a team.
