Report: Bucks arena deal to be announced Thursday

Sorry, non-NBA cities hoping to vulture a team in 2017.

The Milwaukee Bucks are set to announce a financing deal Thursday for a new downtown arena development, according to a report from multiple local news outlets.

Reportedly scheduled for 3 p.m. local time, the announcement will detail the specifics of the plan, including a firm estimate for how much of the $500-million arena project taxpayers will be asked to shoulder. A deal was believed to be close last week, with the means of public financing for an additional $500 million for a surrounding entertainment district still a matter of some debate.

Wisconsin Gov. Scott Walker, a potential Republican party presidential candidate, has long supported primary elements of the proposal, which would likely raise taxes on hotel rooms and rental cars as a means of recuperating some of the county outlay. It remains unclear if the project will move forward as a standalone arena funding deal or as part of the state budget vote.

The Bucks have been consistent in pointing out not only the need for a new facility to keep the team in Milwaukee, but to help reinvigorate the downtown core.

If reports are accurate, it's a timely development for the franchise, who need to break ground on a new facility in short order. The NBA has the option to buy the Bucks at a favorable price if no arena deal is in place by 2017, creating a looming specter of impending departure despite the new ownership group headed by Marc Lasry and Wesley Edens.

Between the new owners and a commitment from former owner Herb Kohl, the Bucks were only in the neighborhood of $200 million short for an arena, assuming certain private funding goals were achieved.

Bucks fans were set for a Save Our Bucks rally on June 9, which may be canceled or turned into a celebration if Thursday's announcement goes as reported.