Milwaukee Bucks agree to one-year lease with Bradley CenterPosted by Inside Hoops
The Bradley Center and the Milwaukee Bucks have reached agreement on a new one-year lease that covers last season, but the deal also contains a provision in which the NBA team won’t get any money until professional basketball resumes.
The Bradley Center owes the Bucks $9.5 million. But in the new agreement, those payments have been extended further to as late as 2019.
The agreement, announced Thursday, is a reflection of reality given the inability of the players’ association and NBA owners to find a way to end their lockout, as well as the Bradley Center’s own challenged financial condition.
Talks between the players and the league continued Thursday night, with some signs that the lockout will end and a partial season will be played.
The new Bradley Center-Bucks agreement establishes a prorated payment plan on all concession, catering and suite-shared revenue payments to the Bucks based on the actual number of games played.
At all events at the Bradley Center, the Bucks receive 27.5% of concession sales and 13.75% of food beverage sales in the suites. The team also receives 30% of all merchandise sales at Bucks’ games.
Also, the Bucks pay no rent at the facility.
– Reported by Don Walker of the Milwaukee Journal-Sentinel