The Wisconsin Senate on Wednesday approved a financing deal for a new arena for the Milwaukee Bucks, likely assuring that the franchise will not move to Seattle or Las Vegas.
The bill still must be approved by the State Assembly.
A plan for a $500 million arena in Milwaukee was unveiled in June, and Gov. Scott Walker and team and city officials pushed a bill seeking about $250 million in public funding.
The arena, which would replace the 27-year-old BMO Harris Bradley Center, would be part of an estimated $1 billion development in downtown Milwaukee.
The Bucks have committed $250 million and would be responsible for cost overruns.
Bucks owners Marc Lasry and Wesley Edens bought the team in April 2014 from former U.S. Sen. Herb Kohl for $550 million. The new owners committed $150 million to funding the new arena, and Kohl has pledged $100 million.
The NBA had said it would buy the Bucks and move the team if a new arena were not in place by October 2017. The lease at BMO Harris Bradley Center ends in 2017.
The new owners’ purchase agreement also includes a provision that construction of a new arena must start in 2015 to prevent the NBA from buying back the team for a $25 million profit and moving it.
Seattle and Las Vegas were considered the top relocation options.