Swanson expects to have a deal in place sometime next week after entering a contract with venue management company VenuWorks.

OSHKOSH – The Wisconsin Herd isn’t going anywhere.

Oshkosh Arena receiver Paul Swanson said he is nearing an agreement with the Milwaukee Bucks that would keep NBA team’s G League franchise in Oshkosh for the foreseeable future.

Swanson expects to have a deal in place with the Herd sometime next week after Judge John Jorgensen granted his motion for Iowa-based venue management company VenuWorks to oversee the operations of Oshkosh Arena.

“I don’t want to get specific and say it’s a new deal or that we’ll modify the old one, but I believe we’re going to reach an agreement in the short term with a goal towards reaching a long-term agreement at some point,” the veteran bankruptcy attorney told the Northwestern Aug. 9.

“It’s in everyone’s best interests to keep the Herd on the premises, so I’m counting on them playing at Oshkosh Arena, and I think they’re counting on playing at Oshkosh Arena.”

The news ends months of speculation about the Herd’s uncertain future after an inside source revealed to the Northwestern that the team could possibly leave Oshkosh as it “no longer wants to work” with Oshkosh Arena owner Fox Valley Pro Basketball Inc. over claims of a violation of the current lease.

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Swanson confirmed the Herd’s lease agreement is in default.

The source also told the Northwestern the Herd has opt-out provisions that could release the team from its lease agreement, which Swanson confirmed is currently in default.

“They can walk away from it,” Swanson said.

The concerns over the Herd’s status only grew when Bayland Buildings, the company that built the arena, filed a foreclosure suit in Winnebago County Circuit Court claiming FVPB still owed an outstanding balance of $12,417,464.82.

This was after the City of Oshkosh’s Finance Department revealed back in May the Oshkosh Arena owner had unsettled personal property and real estate taxes arrears totaling more than $619,000.

Amid the arena’s financial struggles, the Herd still announced six of the team’s 24 home dates for the 2024-25 season in Oshkosh, as the court appointed Swanson as a neutral third party to temporarily manage Oshkosh Arena’s finances and business operations.

“For certain, the Herd will be playing games at Oshkosh Arena for the upcoming season, and I can’t see them wanting to leave because they really do like the place,” Swanson said.

“They just want the arena to be run professionally so my expectation is for them to be here for the long term so we’re going to have an agreement in place that’s acceptable to both sides.”

Swanson revealed parties are expressing interest in potentially buying the arena.

Fox Valley Pro Basketball listed Oshkosh Arena for sale in April before the foreclosure suit and Swanson said there are parties expressing initial interest in the facility.

The arena is listed on LoopNet as an 80,000-square-foot sports and entertainment building at 1212 S. Main St. for $19 million.

But the plan is to have VenuWorks manage the facility during the Herd’s upcoming season before engaging any perspective buyers in serious offers.

“I personally believe we have to have the venue up and running before we can get a reasonable price for it because any buyer will want to know what it can produce in terms of income,” Swanson said.

“The only complaints I’ve ever had about the arena is that consumers can’t get a beer because the lines are too long and that’s where you make your money with these venues … not the team but the sale of liquor and food.

“And that’s why I went with VenuWorks because they actually run 47 types of properties about this size and type, and they have experience and depth to manage it successfully,” he added.

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Swanson said the contract with VenuWorks is a five-year deal, but a new owner would have the provision to get out of that contract.

Oshkosh Chamber President/CEO Rob Kleman estimates each Herd home game generates about $100,000 of economic impact in the area.

The arena seats more than 4,000 people and the Herd averaged 87% capacity crowds in 24 home games during the 2022-23 season while selling out 11 of those contests.

According to team President Steve Brandes, the Herd donated $277,000 to charitable causes in that same season when they were also recognized as the NBA G League Franchise of the Year.

Contact Justin Marville at jmarville@gannett.com.