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Five African-American Business Leaders in Milwaukee Buy a Share of the Bucks

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The five executives have often been involved in urban economic development efforts and will now help create plans for a new basketball arena.

They are: Michael Barber (Chief Operating Officer, GE Healthcare), Valerie Daniels-Carter (Chief Executive Officer, V&J Holdings), Virgis Colbert (former Vice President, Miller Brewing), Charles Harvey (President, Johnson Controls Foundation) and Cory Nettles (Founder, General Growth Capitol.)

The five have formed a group they call Partners for Community Impact. The NBA has approved the group's bid to join the Milwaukee Bucks ownership team.

New Bucks owners join the challenge of developing a new venue for the team to replace the BMO Harris Bradley Center.

Two other local business leaders have joined, as well. They are Gale Klappa (Chief Executive Officer, Wisconsin Energy Corporation) and Jon Hammes (Managing Partner, Hammes Company.)

The NBA has given Milwaukee until 2017 to build a new basketball venue for the team. Otherwise, the league will take ownership of the club. Its primary owners are Wesley Edens and Marc Lasry, who bought the Bucks from Herb Kohl. The three of them have pledged about $200 million, toward the construction of a new arena. They have been focused on downtown Milwaukee.

The 26-year-old BMO Bradley Center is reported to be deteriorating and inadequate, when it comes to meeting NBA team needs.

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