New Bucks owners pledge an additional $50M for arena project

The Milwaukee Bucks moved one step closer to securing a future in Wisconsin.

New owners Marc Lasry and Wesley Edens have pledged another $50 million toward the construction of a new arena, according to a report from The Associated Press.

After purchasing the franchise from former owner Herb Kohl in April, the new owners had pledged $100 million toward the project. Kohl also pledged $100 million of the sale proceeds as part of his attempt to keep the team in Milwaukee long-term.

That remains a minor issue, as the sale of the team allows for the NBA to purchase the Bucks franchise if no arena deal is in place by 2017. With $250 million of the expected $400-million cost of a new facility in place, it seems the franchise is on the right track. They may need even more private capital with public funding a contentious issue in Wisconsin, and a minority investor in the team believes they can reach the $300-million mark privately.

The next steps for ownership involve selecting a site, studying the feasibility and putting a more concrete financial plan in place.