If a new arena is not in underway by November 2017, the NBA has the right to buy back the Milwaukee Bucks from incoming owners Wesley Edens and Mark Lasry, according to ESPN.
Edens and Lasry, hedge-fund billionaires based in New York, agreed to purchase the team from longtime owner Herb Kohl for $550 million last week. According to sources, the sales agreement has a provision that allows the league to buy back the team for $575 million if construction on a new arena in Milwaukee is not underway by the deadline.
"Although one source said Monday that the league would likely only take that step if it didn't see "significant progress" toward a new arena in Milwaukee by then, this provision ensures that the NBA would control the fate of the franchise from that point as opposed to Edens and Lasry."City officials in Milwaukee are estimating that a new arena would cost in excess of $400 million. New owners Edens and Lasry have said they will commit $100 million toward the project and former owner Kohl has also offered a $100 million gift to get the new arena started.