This new-arena stuff is getting real, as the Milwaukee Bucks (NBA) signed their final BMO Harris Bradley Center lease for the 2017-2018 season, as the team preps for a move to a new next-door arena.
The Bucks don’t actually pay any base rent, but it does receive a percentage of revenues from things like suite rental. However, the new one-year lease delays suite payments in an unusual fashion, according to the Milwaukee Journal-Sentinel:
Under an unusual lease provision, the Bucks will forgo a $2.1 million payment from suite rentals until the Bradley Center Sports and Entertainment Corp. “has sufficient funds on hand after meeting all of its wind-down costs and closing expenses, some of which are impossible to predict at this point,” according to a Bradley Center release.
In previous years, the Bucks were guaranteed the suite rental payment.
The new lease contains a second concession from the Bucks, also aimed at helping the Bradley Center wind down. The team will receive money from the recent playoff games and any playoff games next season “provided that the Center has sufficient funds on hand after meeting all of its wind-down costs and closing expenses.”
As noted, this is the last season for the Bucks and Marquette University at BMO Harris Bradley Center. Once the new arena opens, the Bucks will take control of BMO Harris Bradley Center and tear it down to make way for further development in the area.
As noted, the new arena is slated to be built as part of a project that not only includes a new training center, but also amenities such as bars and restaurants, offices, and retail. We previewed the arena and development last June.
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