Fox Valley Pro Basketball Inc., the company that developed the $15 million Oshkosh arena for the Milwaukee Bucks’ G League team, has made progress in its goal to raise $27.2 million from investors to pay for the construction.
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The company recently submitted a new filing to the SEC indicating it has sold $14.5 million in equity and debt to 63 investors. Gregory Pierce, president of Fox Valley Pro Basketball, said the funding will be used to pay for the construction project.
Fox Valley Pro Basketball last year led the construction of the 3,500-seat arena in Oshkosh, which opened in January. The Menominee Nation Arena is used both for the minor league team, the Wisconsin Herd, and other concerts and events.
A separate SEC filing from May 2017 indicates Fox Valley had sold $5 million in equity to one investor, and was aiming for $27.2 million in total. In October 2017, the Menominee Indian Tribe of Wisconsin, Menominee Tribal Enterprises and Menominee Casino Resort were announced as the naming rights sponsors for the arena in a five-year deal.
Fox Valley Pro Basketball indicated $1.4 million of the proceeds of its $27.2 million funding round would go toward “executive and administrative payment for executive services provided and day-to-day management.”
Formerly known as the Development League or D League, the NBA recently changed the name to Gatorade League, or G League, when Gatorade came on as a sponsor.