MILWAUKEE, Wis. (CelebrityAccess) — Local dignitaries, and arena officials joined former Milwaukee Bucks players as the NBA franchise broke ground on its new, $524 million arena in downtown Milwaukee.
According to the Associated Press, former players Oscar Robertson, Jon McGlocklin, Bob Lanier, Sidney Moncrief and Marques Johnson joined owners Wes Edens, Marc Lasry, Jamie Dinan and Mike Fascitelli for the ceremony, which included signing the foundation slabs.
The 714,000-square-foot arena is being constructed with a public financing package worth $250 million, with the team responsible for operating, maintenance and capital repair expenses, the Associated Press said. The arena complex will also feature an entertainment, residential and office spaces, as well as providing a space for sports and other special events.
The Wisconsin Center District, the arena owner, will oversee the public's investment during the project's construction and then lease the arena back to the Bucks under a 30-year agreement. The team will keep any revenue from naming rights or sponsorship deals. – Staff Writers