Milwaukee officials, Bucks president say arena deal close

MADISON, Wis. - Milwaukee leaders and the president of the Milwaukee Bucks all say they are close to reaching a deal to pay for a new $500 million arena for the NBA team.

They said Tuesday following a closed-door meeting in Gov. Scott Walker's Capitol conference room that they were optimistic a deal can be reached by Friday.

Talks have been ongoing for months to come up with a plan to pay for the arena that's part of a $1 billion entertainment district in downtown Milwaukee. Without a new stadium by 2017, the NBA has said it will buy back the team and relocate it.

Milwaukee Mayor Tom Barrett says he remains optimistic, ''but there's still work to be done.''

Bucks president Peter Feigin says everyone is trying to reach a deal.