Wisconsin governor announces deal for new $500M Bucks arena

Taxpayers would pick up half the cost of a new $500 million arena for the Milwaukee Bucks under a financial deal that would rely on current and former team owners for the rest, Gov. Scott Walker said Thursday in Madison, Wisconsin. Walker, a likely presidential candidate, has argued for months that it will cost the state more in lost income-tax revenue if the NBA moves the team from Milwaukee than it will to pay for a new downtown arena. Standing behind a podium with a sign that read, “Cheaper to Keep Them,” he announced the long-awaited deal. “The price of doing nothing is not zero. It’s $419 million,” Walker said. The plan includes $250 million already committed by the Bucks’ current and former owners. The other half will come from taxpayers, a contribution capped at $250 million. – AP