The Milwaukee Bucks will need financial support from the city, county and state in order to build a new arena in downtown Milwaukee.

While a new arena is expected to cost between $400 million and $500 million, the new building holds the potential to be a catalyst to more than $1 billion in additional development in the form of new retail, residential and commercial space, he said.

"We wouldn't get that without assistance," team president Peter Feigin said.

"We are putting the pieces together," Feigin said in connection with the work to locate a site, then develop a financial model and then gain legislative approval. He said navigating the public-private partnership, and working with the city, county and state can slow the timetable.

Bucks owners Wes Edens and Marc Lasry have pledged at least $150 million toward a new arena. Former senator Herb Kohl, who sold the team for $550 million, also has pledged $100 million.

Feigen said the Bucks have the smallest season-ticket base in the National Basketball Association, an estimated 4,000 season ticket holders. That compares with the league average of approximately 10,000.

He said 80% of the franchise's season-ticket holders are individually owned, while the remaining 20% are held by corporations. He called that situation "horrendous."