In the Feb. 8 Milwaukee Journal Sentinel, reporter Don Walker did a fine job of reporting on another realistic option for financing a new Milwaukee Bucks arena: Have the owners pay for it themselves. That is what the owners of the Golden State Warriors are doing in San Francisco. They are putting up $600 million of their own money to build a new arena (“Warriors owners all in”).
Never have the new Bucks owners proven to anyone why they need public taxpayer money to build a new arena. They have been quoted as saying that without public money, “the numbers just don’t pencil out.” Common Ground would like to see these “penciled out” numbers. The public deserves to see the assets and liabilities of all of the new Bucks owners. Lets see if they have the assets and the “borrowing power” to build their new arena.
One of the owners, Wesley Edens has plenty of assets. He owns the majority shares of Nationstar Mortgage which services millions of mortgages across the United States. Nationstar services 3101 mortgages in the City of Milwaukee alone.
There are now reported to be over 20 Bucks owners and investors — let’s see their financial resources before the state of Wisconsin or the city of Milwaukee consider giving them our tax dollars to subsidize their business.
Fair Play Co-Chair
To view the letter on the Milwaukee Journal Sentinel website, click HERE.
To find out more about the Fair Play campaign, click HERE.