Peter Feigin, president of the Milwaukee Bucks, said on Monday that the team will relocate to Las Vegas or Seattle if $250 million of public funding isn't approved for a new arena.
Feigin said the Bucks owners' purchase agreement for the team includes a provision that construction of a new arena start in 2015.
New York City hedge fund executive Wes Edens, Marc Lasry and Jamie Dinan purchased the team for $550 million in May 2014.
"The window is closing," Feigin said. "We can't wait months, even weeks to start the public process."
Feigin said over the past decade, about 65 percent of financing for arenas across the country has come from the public.
"This is about building a winner and building a brand and a product," Feigin said. "It is similar to what the (Milwaukee) Brewers and (Green Bay) Packers have done."