Few NBA teams have undergone such a complete overhaul as the Milwaukee Bucks under owners Marc Lasry and Wes Edens, who this year begin their second season running the team.
After a surprise season last year that saw the Bucks make the playoffs after going a league-worst 15-67 in 2013-14, changes have been coming quickly for the franchise.
Most significantly for the team is winning approval of $250 million in public financing this past summer toward a $500 million new arena to replace the BMO Harris Bradley Center in downtown Milwaukee. The team has not set a date to start construction.
“Since the approval of the arena, there is an unbelievable sense of urgency,” said Bucks President Peter Feigin.
The momentum surrounding the team is seen in many ways, none more illuminating than season-ticket sales that at the start of last season stood at a paltry 4,000 and now will hit the 7,000 mark this year. The team’s ticket revenue is being driven by the addition of 150 new floor seats and two new hospitality areas in the Potawatomi Club and the Bradley Club for premium-seat holders.
The team also has drastically revamped its sponsorship strategy by creating more integrated deals with new and existing partners, with sponsorship revenue up by more than 50 percent. New sponsors include FanDuel and Pick ‘n Save, which is the Bucks’ presenting sponsor.
The changes are standard operating procedures for most NBA teams, but they are new for the Bucks, which prior to the new ownership were a severely undermarketed franchise. But the antiquated business model is definitely over for the Bucks.
“This is literally about improving every fan touch point you can, and there is limitless opportunity,” Feigin said. “It is how do we really create value that didn’t exist before.”
No area of the team’s business operations is escaping attention, from refreshing the 50 suites in the arena to bringing in well-known broadcaster Gus Johnson as part of the team’s television team to add more talent to the production.
The Bucks also unveiled new logos and uniforms this year and broadened the network of stores where fans can buy
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The Bucks unveiled new logos this year as part of a rebranding for the franchise.
Photo by: NBAE / Getty Images |
team merchandise. So deep is the rebranding that the team has even designed an alternate playing floor to complement nights when the team wears its alternate home jersey.
The Bucks also have set their sights on becoming a more statewide brand. This year, the team held part of its training camp in Madison for the first time and played a preseason game at the Kohl Center on the campus of the University of Wisconsin. The offseason also brought a flurry of clinics and team caravans across the state.
“For us, it is how do you become the state’s team,” Feigin said.
Despite the leaps on the business side, the team isn’t close to maximizing its market potential.
“We have undergone a complete rebrand, but the biggest challenge is continuing to upgrade the product,” Feigin said. “We are not where we need to be. Our owners’ standards are so high that there is constant improvement. We are never satisfied and that is what you want.”
