Fox Valley Pro Basketball said a bankruptcy court has approved a $500,000 financing plan. That’s in addition to the $420,000 in TIF money the arena will receive from the City of Oshkosh next month. Of the $500,000 in approved financing, $200,000 is coming from Windward Wealth Management, which is owned by Greg Pierce, the president of Fox Valley Pro Basketball.
The money secured is enough for the arena to “fund its operations, become profitable and propose a plan of reorganization that will allow Fox Valley Pro Basketball to exit Chapter 11,” attorney Jerome Kerkman of Kerkman & Dunn, the company’s legal representative, said in a statement.
The financing plan was approved after concerns raised by parties, including Bayland Buildings, had been addressed. Bayland Buildings and Fox Valley Pro Basketball reached an agreement to allow the financing and to stay all legal proceedings between the parties until mid-January 2020. This will allow Fox Valley Pro Basketball to have time to work toward its financial restructuring.
In August, Bayland sued Fox Valley Pro Basketball, saying it was still owed $13 million from the arena’s 2017 construction.
Fox Valley Pro Basketball already reached agreements with The Future Bucks and the City of Oshkosh to address their concerns in the organization’s restructuring efforts.
The Menominee Nation Arena is home to the Wisconsin Herd, the G league affiliate team for the Milwaukee Bucks. The team kicks off its third season next month.