BMO Harris Bank Inks Six-Year Naming-Rights Deal For Bradley CenterPublished May 22, 2012
STOPGAP MEASURE? Bradley Center BOD Chair Marc Marotta yesterday said that venue officials are “close to a lease agreement with the Bucks that could be for as long as five years.” In Milwaukee, Kass wrote the lease "could secure the team's future in the city until a new basketball arena is built.” The team over the past several years “has operated on a one-year lease,” and played this past season "with no lease, operating under the terms of a lease that expired Sept. 30, 2011.” Marotta said that the deal “would be at least three years, but could be as much as five years.” Kass noted under the team's past leases, the Bucks pay no rent and receive 27.5% of "total gross receipts from concessions other than programs and merchandise at all events.” The team also receives 13.75% of "gross revenue from food and beverages sold in the building's luxury suites," as well as 30% of merchandise sales at Bucks games (BIZJOURNALS.com, 5/21).
LET'S TALK ABOUT THE FUTURE: A MILWAUKEE JOURNAL SENTINEL editorial states if the community “wants to do what it can” to keep the Bucks in town, a new facility “is needed to replace the Bradley Center.” But yesterday's announcement “buys much-needed time.” The $18M over six years “pledged by a group of private companies will provide the funds necessary to do some basic brick-and-mortar maintenance and some other things.” Still, the editorial states, “Only a public-private partnership will get this done. The economic health of Milwaukee is critical to the economy of Wisconsin. And a vibrant downtown with a state-of-the-art arena that can keep the Bucks in town and attract major events can have a significant positive impact on the city's health” (MILWAUKEE JOURNAL SENTINEL, 5/22).
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