Bucks sign final lease at Bradley Center

The Milwaukee Bucks have signed a final lease with the BMO Harris Bradley Center, an agreement that will help wind down business at that arena as the team moves to its new $524 million home just to the north.

Under an unusual lease provision, the Bucks will forgo a $2.1 million payment from suite rentals until the Bradley Center Sports and Entertainment Corp. “has sufficient funds on hand after meeting all of its wind-down costs and closing expenses, some of which are impossible to predict at this point,” according to a Bradley Center release.

In previous years, the Bucks were guaranteed the suite rental payment.

The new lease contains a second concession from the Bucks, also aimed at helping the Bradley Center wind down. The team will receive money from the recent playoff games and any playoff games next season “provided that the Center has sufficient funds on hand after meeting all of its wind-down costs and closing expenses.”

As in past years, the Bucks don’t pay anything in rent to the publicly owned Bradley Center.

Bradley Center president Steve Costello called the Bucks great partners and an excellent tenant.

“While this agreement marks the end of a remarkable chapter, we are excited for the team, the community and everyone who enjoys live entertainment as the new facility takes shape,” Costello said in the release.

“We are especially pleased that the Bucks recognize that closing down the existing facility and wrapping up our business affairs present some unknown challenges.”

The yet-to-be-named new Bucks arena is expected to open in time for the 2018-’19 NBA season.

Under that schedule, the upcoming season will be the last at the Bradley Center for the Bucks and the Marquette University Golden Eagles basketball team. The other primary Bradley Center tenant, the Milwaukee Admirals, moved to the UW-Milwaukee Panther Arena last season.

Marquette pays the Bradley Center a small amount of rent. The lease with Marquette for next year has not been finalized, said Bradley Center spokesman Evan Zeppos.

The Bucks are building the new arena with $250 million in public financing. Once the team receives an occupancy permit for the new arena, the Bradley Center board will begin the process of transferring ownership of that building to the Bucks, and it will be demolished. The timeline for that process has not been announced.