How Come Golden State's Owners Can Build A New Arena On Their Own?
"WARRIORS PLAN TO BUILD NEW ARENA" read the web page headline the other day, which is certain to draw the attention of anyone like me as we scrap to do same here in our hometown.
Reading the article one comes to learn that the entire project is going to be privately funded--no public money involved at all.
Not a dime.
I scoured the interwebs for quite a while afterward, trying to find some explanation as to where the money is coming from. All I found were plenty of stories telling about how San Francisco's issue with the new arena never was about the money but rather as to where the new edifice will be built. Seems like they had the same problem with location that we did more than a quarter century ago when it came time to put an 'x' on the map for the Bradley Center.
Rich Kirchen of The Milwaukee Business Journal found out who the deep pockets are Thursday afternoon. Turns out the team's owners are wealthy beyond belief and also run with some pretty rich buddies, too.
Let's hope Milwaukee's new owners in waiting run in a similar pack, because no one has the appetite for the kind of fight that'll happen if they have to ask for public financing/new taxes to cover an arena tab here.
You would think they took the area's temperature before they bought the Bucks from Herb Kohl who I'm sure schooled them as to the Miller Park fiasco in the 90's, one that resulted in a new stadium for the Brewers and left bruises that linger today. It's why Racine County is already saying "no" to another such regional tax, with others in the five-county Miller Park District making noise about doing the same.
One can hope there's enough private cash out there on top of the $200 million the new guys and Kohl already tossed on the pile. There are naming rights for the new building and other things that can be peddled off to sponsors like entrances/gates and such. Seat licenses raise gouts of money, too. And, there's always the bank, which would probably float the boys a loan.
Must be nice, San Francisco, where your only new-arena concern was whether or not this privately funded gift was going to block your view of the Bay Bridge. Never did Warriors fans have to worry about having to go to the hip to keep their NBA team. There may be some infrastructure costs for roads and such, but the actual brick and mortar? That's on the bosses and their buds, thank you very much.