Bucks break ground on $500 million arena

MILWAUKEE - The Milwaukee Bucks have broken ground on a $500 million downtown arena project that is supposed to be finished in two years.

Wisconsin Gov. Scott Walker, current and former team owners and other dignitaries gathered Saturday for the ceremony.

Related: Bucks release interior renderings of new arena

The project is more than two years in the making after Marc Lasry and Wesley Edens bought the team from former U.S. Sen. Herb Kohl. The Bucks were sold on condition the new ownership group keeps the team in Milwaukee.

Public financing will cover $250 million of the project, with the current and former owners paying for the rest. Team and municipal officials also see the arena as a way to spur development in the area.