Marc Lasry and Wes Edens, who together purchased the Milwaukee Bucks from former Wisconsin Senator Herb Kohl earlier this year, are aiming to decide on a construction site for a new arena over the next three or four months, according to a report from the Milwaukee Journal Sentinel.
Edens met Friday with city officials, including mayor Tom Barrett, council president Michael Murphy and alderman Bob Bauman. If a new arena is not in place by 2017, when the Bucks' lease with the BMO Harris Bradley Center expires, the NBA reportedly can buy the team back from Lasry and Edens.
"They have a very tight timetable," Bauman said. "They want to have a site identified in three or four months. Then they want to do the engineering and design. Then they will focus on the financials."
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Lasry and Edens have already pledged $100 to building the new arena and multiple local investors have purchased shares in the franchise. Kohl has also committed $100 million. The stadium is projected to cost between $400 and $500 million and require public funding.
- Chris Johnson