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Bucks put Milwaukee on notice:Las Vegas or Seattle if we don't get a new arena
Posted on 7/7/15 at 9:55 am
Posted on 7/7/15 at 9:55 am
quote:
Milwaukee Bucks president Peter Feigin told Wisconsin lawmakers Monday that time was of the essence in approving $250 million in public funding for the proposed arena in downtown Milwaukee or the NBA will move the team to another city.
At an informational hearing held by the state Legislature’s Joint Finance Committee, Feigin said the Bucks owners’ purchase agreement for the team includes a provision that construction of a new arena start in 2015. If that does not occur, he said the NBA will buy back the team for a $25 million profit and move them to “Las Vegas or Seattle.”
LINK
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Posted on 7/7/15 at 9:57 am to RedRifle
Seattle pls.
Posted on 7/7/15 at 10:04 am to Chad504boy
quote:
Las Vegas Bucks
I like it
Posted on 7/7/15 at 10:05 am to RedRifle
This team really would be a great gift to the city of Seattle. Full of young talent. Probably not quite the super star potential, but it's similar to the team they lost to the Thunder.
Posted on 7/7/15 at 10:08 am to RedRifle
A shame to throw away the nice new look they just came out with.
Posted on 7/7/15 at 10:09 am to RedRifle
It would be a complete shock if the legislature does not approve the funding. More of a scare tactic IMO.
Posted on 7/7/15 at 10:09 am to RedRifle
An NBA team in Vegas would be so sick
Posted on 7/7/15 at 10:11 am to RedRifle
quote:
If that does not occur, he said the NBA will buy back the team for a $25 million profit and move them to “Las Vegas or Seattle.”
Not happening. That clause was put in to make sure the Bucks stayed in Milwaukee and the out of town owners didn't up and move them, like Clay Bennett (with an assist from his boy David Stern). Kohl required it as a condition of the sale. I don't think the NBA will buy the team back and then sell to the highest out of town bidder. The league is flush with cash. Silver is riding ridiculous public support, he's not going to blow it by moving a long time NBA franchise out of town.
I'm not a fan of public financing of arenas, yet, current and previous owners have agreed to pay half the costs. Edens and Lasry seem to be investing in the city and the team there. This saber rattling is likely unnecessary and a bit of a PR gaffe, IMO.
Posted on 7/7/15 at 10:12 am to RedRifle
quote:
Bucks put Milwaukee on notice:Las Vegas or Seattle if we don't get a new arena
This is the time for the team to make the threat. They have the support from Walker, the plan isn't going to require any new taxes, the team has been in there arena for almost 30 years, and the team and NBA is picking up half the tab for the arena.
quote:LINK.
Bucks current and former owners have pledged $250 million towards the project. That leaves $250 million left in order to reach that $500 million goal.
Recent proposals had the state paying between $150 million and $220 million toward the project. Now, a source tells FOX6 News the state’s contribution could be closer to $80 million — $55 million in principal and the rest in interest. Payments on the state debt would be made with income tax collected from members of the Milwaukee Bucks and NBA teams they play in Milwaukee.
Posted on 7/7/15 at 10:14 am to Hammond Tiger Fan
You were gone forever
Posted on 7/7/15 at 10:14 am to ShaneTheLegLechler
Posted on 7/7/15 at 10:19 am to RedRifle
For once, I want to see a city call bluff on these threats. If the franchise wants to leave, go right ahead. Stop wasting millions of dollars of taxpayer money on new stadiums and arenas for billionaires.
Posted on 7/7/15 at 10:25 am to Bench McElroy
quote:
For once, I want to see a city call bluff on these threats. If the franchise wants to leave, go right ahead. Stop wasting millions of dollars of taxpayer money on new stadiums and arenas for billionaires.
Here's why cities will always buckle:
quote:
Study: Bradley Center has major economic impact
Overall, the economic impact study by the Metropolitan Milwaukee Association of Commerce found that the downtown Milwaukee sports and entertainment facility has a gross economic impact of $204.5 million each year and supports 2,350 jobs that generate $73.1 million in annual payroll.Mar 30, 2012
Posted on 7/7/15 at 10:34 am to RedRifle
Should Cities Pay for Sports Stadiums?
quote:
The short answer to this question is "No." When studying this issue, almost all economists and development specialists (at least those who work independently and not for a chamber of commerce or similar organization) conclude that the rate of return a city or metropolitan area receives for its investment is generally below that of alternative projects. In addition, evidence suggests that cities and metro areas that have invested heavily in sports stadiums and arenas have, on average, experienced slower income growth than those that have not.
Posted on 7/7/15 at 10:40 am to RedRifle
Actually, most economists agree that sports teams have virtually zero impact on a city's economy. Here's an article from marketplace.org about it.
quote:
There are a lot of things economists disagree about, but the economic impact of sports stadiums isn't one of them.
“If you ever had a consensus in economics, this would be it," says Michael Leeds, a sports economist at Temple University. "There is no impact."
Leeds studied Chicago – as big a sports town as there is, with five major teams.
“If every sports team in Chicago were to suddenly disappear, the impact on the Chicago economy would be a fraction of 1 percent,” Leeds says. “A baseball team has about the same impact on a community as a midsize department store.
Economists say the biggest reason sports teams don’t have much impact is that they don’t tend to spur new spending. Most people have a limited entertainment budget, so the dollars they are spending when they go to a game is money they would have spent elsewhere, maybe even at a restaurant or small businesses where more money would have stayed in the community. Plus, Matheson says, rather than draw people to a neighborhood, games can actually repel them.
“Sporting events can cause significant crowds and congestion that can cause people to stop going to other events in the area,” he says.
That’s part of the reason why a 2003 analysis on Staples Center commissioned by the Los Angeles City Controller included a surprising finding.
“Economic activity in Inglewood actually increased when the Lakers left town,” says
Matheson.
That is, sales tax revenue went up when the Lakers and Kings moved to Staples.
.
Posted on 7/7/15 at 10:44 am to Bench McElroy
It would be too bad if they moved, but Walker has put himself in a hole politically. He can't say he's in favor of less government spending and less spending on welfare and education and then spend money on a new arena.
MKE does support the team though, so I hope they stay.
MKE does support the team though, so I hope they stay.
Posted on 7/7/15 at 10:52 am to RedRifle
The NBA would steer them back to Seattle over Vegas if guaranteed a new arena.
But if they do go to Sin City, I think Tim Donaghy should do the ceremonial opening tap for their first home game.
But if they do go to Sin City, I think Tim Donaghy should do the ceremonial opening tap for their first home game.
Posted on 7/7/15 at 10:54 am to Ralph_Wiggum
quote:
It would be too bad if they moved, but Walker has put himself in a hole politically. He can't say he's in favor of less government spending and less spending on welfare and education and then spend money on a new arena.
Actually Walker supports the plan, but I would not expect you to know that since you only get your news from socialist and communist newsletters.
quote:
MADISON — Governor Scott Walker joined state and local leaders, including Speaker Robin Vos, Majority Leader Fitzgerald, Milwaukee County Executive Chris Abele, and Milwaukee Mayor Tom Barrett in announcing a plan to protect state taxpayers from a loss of approximately $419 million, if the NBA relocates the Milwaukee Bucks. The total state contribution will be capped at $80 million, according to a news release from the Governor’s Office.
quote:
“We’ve considered the financial impacts on the state should the Bucks stay or go, and quite simply, we found it’s cheaper to keep them,” Governor Walker said. “Our plan is the result of a state and local, public and private alliance, and it is developed with the goal of ensuring a good return to our state taxpayers. Under this plan, for every dollar the state invests, state taxpayers will get a $3 return on that investment.”
quote:LINK
Working together with local leaders, Governor Walker, Speaker Vos, and Majority Leader Fitzgerald developed a plan that will cap the total state investment in the project at $80 million over 20 years. Over a 20-year period, this plan protects $299 million in income tax revenue, including the base and projected growth, according to the Governor’s Office.
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