In the midst of plenty of uncertainty regarding the future of the Milwaukee Bucks franchise and the arena in which it calls home, the BMO Harris Bradley Center announced on Monday that it has reached an agreement with the Bucks on a six-year lease, set to run through September 30, 2017, according to a report from the Milwaukee Journal Sentinel.
The agreement is the first multi-year extension the Bucks have signed with the arena since 2007 and the longest agreement it’s had in more than a decade. According to the report, the terms of the extension are essentially the same as they have been in past years.
The extension should also keep the Bradley Center afloat, despite it being one of the oldest arenas in the NBA. And for the Bucks, it should offer some sense of security as the franchise tries to embark on building a potential new arena.
“As an aging building operating amid the rapidly escalating economics of the sports and entertainment industry, the BMO Harris Bradley Center simply would not have been financially stable enough to support a multi-year lease without these key factors,” Marc Marotta, chairman of the BMO Harris Bradley Center, told the Journal Sentinel. “While we’re still not quite in the position to meet all of the center’s significant fiscal needs, we are getting close. The new lease extension is an important step forward.”