Milwaukee Bucks sign for another year at Bradley Center

National Basketball Association (NBA) team, The Milwaukee Bucks have signed a one-year lease extension at the Bradley Center stadium in Milwaukee, Wisconsin, USA. The new deal comes as a relief to the stadium promoters..........click headline for more

Milwaukee Bucks sign for another year at Bradley CenterLength of contract: 1 year | Annualised value: US$5 million |  Overall value: US$5m

National Basketball Association (NBA) team, The Milwaukee Bucks have signed a one-year lease extension at the Bradley Center stadium in Milwaukee, Wisconsin, USA to run from September 2008 (backdated) to September 2009. 

The new deal comes as a relief to the stadium promoters, Bradley Center Sports & Entertainment Corp, and follows on from one signed in 2006.

The deal is a reverse tenancy common in North America and the Bucks are effectively paid by the stadium operators to be based at the stadium and the stadium recoups the income from selling services, mostly catering to fans. Under its deal with the Bradley Center, the Bucks pay no rent and receive around 27.5 per cent of receipts from concessions and 13.75 percent of food and beverages sold in suites. The stadium also purchases game tickets for suite holders, which has been set at US$2.1 million for this year.

Despite the generous terms the Bucks management is refusing to sign a longer deal and is keeping its options open. It has apparently expressed a willingness to sign a longer-term lease, but only one that guarantees more revenue.

The stadium was opened in 1988 and is named after Harry Lynde Bradley. The build was funded by his daughter, the late Jane Bradley Pettit, in memory of her father. The stadium is the only major facility in North America that has been built entirely by the philanthropic efforts of a single family. It was a gift to the people of the State of Wisconsin from the Bradley family.

The 550,000 square feet six acre stadium is home to three sports tenants: the Milwaukee Bucks, the AHL side, the Milwaukee Admirals and the Marquette University Golden Eagles (NCAA). Two million people attended sporting events at the stadium last year and it was the top entertainment destination in Milwaukee. It holds 18,600 attendees for basketball, 17,800 for hockey and 20,000 for concerts and last year held 180 events.

Ulice Payne, chairman of the stadium said: "A one-year extension for the current season is the best that can be done at this point, and we appreciate the Bucks' flexibility and willingness to work with us. However, the economic reality is that despite our best efforts, it is becoming increasingly more difficult for the Bradley Center to generate the revenue needed to sustain an NBA team."

The new lease must be approved by the NBA before taking effect.