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Sports Radio 1250>Audio & Video on Demand>>04/17/14 Milwaukee Business Journal's Editor-in- Chief Mark Kass joins Chuck and Wickett

04/17/14 Milwaukee Business Journal's Editor-in- Chief Mark Kass joins Chuck and Wickett

Apr 17, 2014|

Mark Kass talks about the financial impact of the Bucks sale to the city of Milwaukee, when can you expect plans for the new arena to be finalized.

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Automatically Generated Transcript (may not be 100% accurate)

Joining us right now the day after -- -- was made by former Milwaukee Bucks owner senator Herb Kohl. As he sold the team to -- Wesley evenings and mark last three. Couple of New York hedge fund it investors for 550. Million dollars the beginning of a new era. In joining us -- the great midwest bank happ a hotline to talk about. This sale to Milwaukee Bucks. The editor in chief of the Milwaukee business journal welcome in -- casts on Sports Radio twelve to BW SSP market morning appreciate the time -- -- your wells it's a daughter of a new era I think for -- fans and for bucks basketball. -- obviously. In Milwaukee in the state of Wisconsin. There's a lot on the table for the next six months three years five years thirty years obviously. When you saw the number calmed down as someone who deals with business and money and probably a lot smarter things and then shocker -- -- had to deal with but. When you -- that ever come down a 550 million dollars from the sale of the -- what went through your head. I was I was shocked I think I think. -- I mean it was much tired. Band and then almost had to break up but noticing as I met with -- back when he announced the sale. -- months ago and he thought it could get about 500 under 500. -- and I think a lot of -- that OK you know sure sure sure but you know what it did and the -- talked to him. Yesterday at a press conference he said it's a reflection of the NBA I mean if you look at across the league how much these. -- -- -- You know it is in line with that and I got to believe all the owners in other markets this morning are smiling because they know they are teams are worth a lot. I mean I mean think about it if it's worth five. At least here in him in our city how much is that worth in New York in Chicago in LA in Philadelphia I mean it -- -- If -- one -- only. A handful. He insists that it is really a valuable entity. So we know all these guys it's gonna be about either one of these is -- we know there has -- owners and all that our program builders and all our wares and their rich the -- lot of money. -- -- -- I know that one of the billionaire and the other one he was but he's not anymore but it's but I -- think -- great -- this is still out. You know I mean I guess like you I wish I could make that statement about myself and of course they can't -- I know that doesn't. They're very well respected that out in New York hedge fund operators I kind of I kind of you know I mean I meant to. Think about it this kind of like when I'm not feel. Came into the -- I'm sorry. And whoever is in outsider. From LA a lot of a lot of financial experience he and they obviously know how to run a business. They're Smart and what you know I was able to exceed two twosome -- to actually speak with them -- -- yesterday and they really want to be here and they want to run this as a business so I think it's amusing to watch them because. They're -- you know if they're Smart and they've done well throughout their careers. And it seems like they've always wanted to own a team and you know. Here it is so to -- -- and watched. You're talking with Milwaukee business journal editor in chief -- pass is with us -- and -- the day after the Milwaukee Bucks are sold. -- for about half a billion dollars and then some -- on Sports Radio twelve to BW SSP. And the big issue and I guess after the NBA said you -- have a new arena by 2017. Or this does not a I guarantee that this franchise will stick around in Milwaukee. That's the big issue and everybody's mind -- I think most people have to realize though this thing is not gonna go over the next six months or by -- -- -- -- next summer. We're talking about how long do you think I'm guessing three to five years before we even -- you know -- shoveling dirt. Well -- but now we're only halfway there -- that and so I mean what they've done is they've really helped the effort I mean. There's no doubt but you still have to raise at least another 200 under million plus you know plus probably another. -- so for interesting and stuff on the bond and so. W -- so they've really helped the cause but I think now it's up to the community that figure out how are we going to be how we go in the up by an arrest and isn't there an ability to work. Together as a community to not -- this I mean how often has anybody across the across. The United States had an offer like this. Where you know the owners and the former American paper -- new building yeah I think it's I mean it it mean -- great opportunity. What Evan sure you guys have both seen over the last few months and year there's not been much interest in this in this in this effort it's been a lot of knows. In -- will this will this -- conversation I think it has right now. Now the next thing is is. Can they find who else will get involved and will be will -- average person would be open helping out. You know the two sites a year ball limit north of the Bradley Center in rain -- -- parking plan yep PM anomalies d'alene what you the chance of its going on in the nominee belly. I think -- slim very and I think it's downtown I think you look at that either north of the building. Or there's been some. Talk about putting it either on the arena site when -- -- -- the rain aside horse somehow in between the arena and the convention. -- to get it near. To the heart of the city so I think it's gonna go either one of those places it easier to go obviously out of the to the north 'cause it's all open land. It's kind though that would everybody thought but I also think. What's happening now and kind of into -- I talked to a number of individuals after the event yesterday and -- trying to think a little bit bigger. The thing OK if we build an arena is a -- at a hotel with a possible answer retail in the possibly a small office buildings. Is -- possible to really have a dramatic impact our community. Is there it is there a chance to be related related in any way to putt a lot of me. There's been that over the years I know I've heard that I don't know right now because obviously had a lot of -- is is because that is really fixated on what's happening in Kenosha yeah. And I'm not sure they're -- if they're willing to do that there was -- I remember 456 years ago. There was even some discussion about the -- a lot of -- -- being moved into the Bradley's. Federer and them building a new building now that's not been spoken about it all the past couple years but you know I think ending possible but I would be surprised at that. Okay -- -- only the hundred million dollars on his on and not be part of this franchise. -- You don't write in is those home business -- -- -- of all that money then -- if we get out of this deal because he's got lawyers he's got a nephew I just give it to me you know. Whatever Bartlett or get penalized a whole -- really in a way it's not our business spoke of what does have a busier donated back to the -- somehow -- what. Well I think I think would need to listen. Yesterday was -- he felt an obligation. To be involved in this project he's an advocate of the project. I think from Romania from -- -- money standpoint you know he's trying to. Figure that out he's been as he he's been really spent it -- last year or so trying to get all those assets and everything in order to attempt -- -- figure out. He transition from two ways to do with the money I think it can be very active in the community I mean. Who else would have you know handed -- a hundred million dollar gift that's -- get to know each other out in the passing -- 25 million -- Madison. But the Colts. Banner up there I think he'll be very active in the community I think he's he's an individual who had a history here -- being very. Helpful -- people's. You know there is I like to see last three and eat in -- also in the same room with Barrett and -- -- ably excuse me and and Governor Walker and then have the taxpayers -- -- representing the taxpayer all sit in the room together because. I know that we're going to knock off let's just let's just say 300 million more dollars I -- we have to get through 300 million more dollars to get that magic number of half a billion for a new building but. I'd love to see how this all works out because it's like a giant soap opera -- -- just get those people all in a room together. Well I think we you know I think -- gonna -- -- happen as an -- because remember this or that one in the whole stadium deal. Came down for Miller Park there with a big a big thing I think without a weekend where you know it was -- it -- It was the mayor they expected. Governor and but -- in -- room at the enemies see hammering this thing out into the late hours. And they were and it and it got done and that's how what happened and you know that's what has been here I think what's now has been happening in -- is that's. Somebody has to step up and and really be a leader I mean is that there is that the walker is -- the -- we need someone to lead. This effort because that we leave this behind as a community. While I mean I'd hate to be and it's -- -- -- Can attack happened just love to be that I had a look at it director of an outlet -- I'd like to sit there and watch it and whatever happens. And it really do appreciate the time mark thank you so much for some of the inside of course we'll check it again as we. Are now in day one -- actually reasonably for approval from the league owners but this is going to be a long process. And I think we're in good hands and will be checking -- of course over biz journals dot com think so much for the time. Are a great -- Have a great day. You to mark -- editor in chief of from the Milwaukee business journal joining us in the great midwest -- outlined during the key with Giambi now to July. If you're looking in my refinance a home like great mid West Bank on FaceBook -- learn how you can live mortgage free. Great mid West Bank since 1935 to simply local.