Bucks Owner Kohl Dips Into NBA’s $1B Credit Facility
Bucks Owner & U.S. Sen. Herb Kohl (D-WI) two years ago borrowed a minimum of $55M
from the NBA’s $1B credit facility “but placed at least $50[M] of that in two
of his own financial trusts,” according to public financial disclosure forms cited
by Don Walker of the MILWAUKEE JOURNAL SENTINEL. Bucks officials said the transaction
was a “one-time opportunity” given to NBA team owners and placing the funds in
the trusts “was allowed under rules set by the credit facility.” Walker notes
the credit facility, arranged by JPMorgan, “enables teams to borrow at highly
favorable rates.” Normally, such a transaction “would remain private among bankers
and the borrower,” but Kohl was required by Senate rules to report the loans.
Bucks VP Ron Walter and CFO Mike Burr said that because Kohl “had to pay interest
on the loans, it made sense to put the money in an investment program.” The two
declined to say how much Kohl still owes on the loans (MILWAUKEE JOURNAL SENTINEL,
7/27).
GREEN THUMB: In Green Bay, Mike Vandermause reports the Bucks for the second-straight
year will play a preseason game at the Resch Center near Green Bay. The team will
play the Pistons on October 19 at the 9,877-seat venue, where they drew just 4,214
for a preseason game last year against the Grizzlies. Following “complaints that
ticket prices last year were too high for an NBA preseason game,” PMI President
Ken Wachter, whose company manages the building, said that he “suggested to the
Bucks that they lower the cost of tickets” (GREEN BAY PRESS-GAZETTE, 7/27).
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