The Milwaukee Bucks are getting closer to a decision on a $30 million arena plan, which would allow them to play in a brand new arena and begin construction by the end of 2019.
The Bucks’ announcement came in a press conference on Thursday.
The Bucks’ new ownership group is looking to raise $30.5 million to $40 million to build the arena, according to a source.
The team has already secured financing from Bank of America, Goldman Sachs and Wells Fargo.
That would mean the Bucks’ arena could be finished by the second half of 2019, when the league-owned Milwaukee Bucks will be in the playoffs.
The announcement comes a week after the Bucks won a third straight playoff series and their first since a trip to the NBA Finals in 2015.
The arena announcement comes as a result of discussions between the team and the Milwaukee Economic Development Corporation, which owns the land the Bucks have been building on since 2010.
The Milwaukee Economic Council was formed in March 2017 to support economic development and the creation of jobs in the city.
In addition to a new arena, the council also plans to add an outdoor track, renovate the parking lot and add sidewalks.
The group also will work with the City of Milwaukee to develop a new master plan that would help the city attract and retain businesses and residents, according a news release from the city’s Economic Development Department.
The release did not indicate whether the new arena plan would include a new parking garage or an adjacent building.
The City of Philadelphia is planning to build a $100 million stadium for the Phillies.
The plan for the Bucks has been in the works for months and included many options including building an arena in the state’s western suburbs or in nearby suburban communities.
The state of Wisconsin and Bucks ownership, who control roughly 40 percent of the team, have been working on the plan for some time.
The team’s ownership group last year gave the state $20 million to fund the construction of a new sports and entertainment complex at the new Milwaukee Bucks arena site.
The Associated Press contributed to this report.