Report: NBA can buy Milwaukee Bucks if no arena deal in place by 2017

The Milwaukee Bucks have new owners, with Herb Kohl having sold the team to Wesley Edens and Mark Lasry last week for a sale price of $550 million.

According to a report from ESPN, however, the Bucks could have new owners once again in 2017, as the sale has a clause that would allow the NBA to buy back the Bucks if a deal to build a new arena is not in place by November of 2017.

From the report:

Sources told ESPN.com that the sale agreement announced last week to transfer the Bucks from longtime owner Herb Kohl to Edens and Lasry for a purchase price of $550 million includes a provision that allows the league to buy back the team for $575 million if construction on a new building 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.

Kohl was on record as only wanting to sell the team if there were assurances it would be kept in Milwaukee, but the league has been adamant that the team needs an upgrade on the Bradley Center. The team's lease with the Bradley Center expires after the 2016-17 season.

Kohl and the new ownership group have both pledged $100 million toward a new arena, but the cost of such an undertaking is estimated at north of $400 million total.