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Bucks, Bradley Center Agree On Another One-Year Lease Deal
Published July 19, 2010
|Bucks, Bradley Center Hope
To Sign Multiyear Lease
The Bucks and Bradley Center "have reached agreement on a one-year lease, just as they have done for the past several years," according to Don Walker of the MILWAUKEE JOURNAL SENTINEL. The new lease is "backdated and covers the time period from Oct. 1, 2009 through Sept. 30, 2010." At all events held at Bradley Center, the Bucks "receive 27.5% of concession sales and 13.75% of food beverage sales in the suites," as well as 30% of all merchandise sales at Bucks games. The Bucks "do not pay any rent" (JSONLINE.com, 7/16). Bradley Center Sports & Entertainment Corp. President & CEO Stephen Costello said that both the arena and the Bucks "would like to find common ground on a multi-year deal." When asked "what would be an ideal length of time for a multi-year lease," Costello said that it would be "four or five years or longer" (JSONLINE.com, 7/17).
NIGHT AT THE THEATER: In Milwaukee, Mark Kass reports Bradley Center is "moving forward on plans to convert five luxury suites ... to 10, four-seat theater boxes in an effort to increase revenue." The suites, located on the northern end of the building, "will undergo an extensive renovation over the next several weeks and be completed in time for the opening" of the Bucks' season at the end of October. The theater boxes, which "will have access to a new private dining and lounge area, will cost about $60,000 a year and include all food and beverages" (MILWAUKEE BUSINESS JOURNAL, 7/16 issue). Costello estimated that the "work on the theater boxes will cost around $750,000." Costello said that by the time the Bucks' season starts, there will be "47 suites ... in the arena." Bradley Center officials this summer also "will begin work on the tear-down" of the current scoreboard and the installation of a new $3.2M replacement (JSONLINE.com, 7/17).