The Bradley Center and the Bucks have reached agreement on a lease that covers the 2005-'06 season that ended in April, the 2006-'07 season and an option year.
Bradley Center officials said they expect to exercise the option for a third year. Financial terms of the lease, which must be approved by the NBA,
remain largely unchanged from previous lease agreements.
Under the new agreement, the Bucks will continue to receive on an all-events basis 27.5 percent of gross receipts from concession sales and 13.75 percent of gross receipts from food and beverage sales in the suites, as well as 30 percent of gross receipts from merchandise sales at Bucks games. In
addition, the Bucks have been receiving approximately $2.6 million annually from the licensing of suites, and this payment will continue.
Having the Bucks' lease in place paves the way for the Bradley Center to finalize new leases with its two other key tenants, the Milwaukee Admirals
and the Marquette University Golden Eagles, said Ulice Payne Jr.,bBoard chairman for the Bradley Center Sports & Entertainment Corporation. He
estimated that all three leases would be signed in the near future. As part of their agreement, Marquette University and the Admirals will have some new advertising rights that should generate additional revenue for those teams.
"A short-term lease is the best we can do at this point, and the Bucks have graciously agreed to forego any improvement in their lease for the next two
years," Payne said. "We have a good relationship with the Bucks, and we will continue to work together to find additional revenue that will enable
us to sign a longer lease extension."
Ron Walter, vice president of the Milwaukee Bucks, said the team was glad to have an agreement on a new lease.
"It is important to have a lease in place for the 2006-'07 season," Walter said. "We had hoped to do a longer term agreement with some improvement in
economic terms, but this will certainly not be our last lease with the Bradley Center. We will continue to work in good faith with the Bradley
Center on a longer lease extension."
Steve Costello, president and CEO of the Bradley Center Sports & Entertainment Corporation, confirmed that under the lease agreement, the
Bradley Center will complete the $5 million improvement plan it began in the 2005-'06 season. A major expansion of the popular Club Cambria is planned before the Bucks' 2006-'07 home opener, as are upgrades to the Backcourt Club and food service operations. The premium seating area will be expanded and other upgrades made to take advantage of space created when the Milwaukee Admirals move their business offices to Wisconsin Center District facilities.
"All of these efforts, including bringing on Levy Restaurants to handle the food service, contracting with EMI to handle merchandise and adding more
premium seats last season -- are designed to enhance the fan experience, increase revenue and increase the life of the Bradley Center," Costello
said.
Bradley Center officials said they expect to exercise the option for a third year. Financial terms of the lease, which must be approved by the NBA,
remain largely unchanged from previous lease agreements.
Under the new agreement, the Bucks will continue to receive on an all-events basis 27.5 percent of gross receipts from concession sales and 13.75 percent of gross receipts from food and beverage sales in the suites, as well as 30 percent of gross receipts from merchandise sales at Bucks games. In
addition, the Bucks have been receiving approximately $2.6 million annually from the licensing of suites, and this payment will continue.
Having the Bucks' lease in place paves the way for the Bradley Center to finalize new leases with its two other key tenants, the Milwaukee Admirals
and the Marquette University Golden Eagles, said Ulice Payne Jr.,bBoard chairman for the Bradley Center Sports & Entertainment Corporation. He
estimated that all three leases would be signed in the near future. As part of their agreement, Marquette University and the Admirals will have some new advertising rights that should generate additional revenue for those teams.
"A short-term lease is the best we can do at this point, and the Bucks have graciously agreed to forego any improvement in their lease for the next two
years," Payne said. "We have a good relationship with the Bucks, and we will continue to work together to find additional revenue that will enable
us to sign a longer lease extension."
Ron Walter, vice president of the Milwaukee Bucks, said the team was glad to have an agreement on a new lease.
"It is important to have a lease in place for the 2006-'07 season," Walter said. "We had hoped to do a longer term agreement with some improvement in
economic terms, but this will certainly not be our last lease with the Bradley Center. We will continue to work in good faith with the Bradley
Center on a longer lease extension."
Steve Costello, president and CEO of the Bradley Center Sports & Entertainment Corporation, confirmed that under the lease agreement, the
Bradley Center will complete the $5 million improvement plan it began in the 2005-'06 season. A major expansion of the popular Club Cambria is planned before the Bucks' 2006-'07 home opener, as are upgrades to the Backcourt Club and food service operations. The premium seating area will be expanded and other upgrades made to take advantage of space created when the Milwaukee Admirals move their business offices to Wisconsin Center District facilities.
"All of these efforts, including bringing on Levy Restaurants to handle the food service, contracting with EMI to handle merchandise and adding more
premium seats last season -- are designed to enhance the fan experience, increase revenue and increase the life of the Bradley Center," Costello
said.
Host of “The Drew Olson Show,” which airs 1-3 p.m. weekdays on The Big 902. Sidekick on “The Mike Heller Show,” airing weekdays on The Big 920 and a statewide network including stations in Madison, Appleton and Wausau. Co-author of Bill Schroeder’s “If These Walls Could Talk: Milwaukee Brewers” on Triumph Books. Co-host of “Big 12 Sports Saturday,” which airs Saturdays during football season on WISN-12. Former senior editor at OnMilwaukee.com. Former reporter at the Milwaukee Journal Sentinel.
