Complex, “multi-track” talks are taking place following the approval of a deal which could result in a new US$500m (€443m, £319m) arena being built in Milwaukee for NBA basketball franchise Bucks.

Last week (12 August) Governor of Wisconsin, Scott Walker, approved and signed legislation paving way for US$250m (€221m, £159m) of public money being invested in the project, which would secure the long-term future of Bucks in the city of Milwaukee.

The Bucks have played in Milwaukee since their launch in 1968 and moved to the current home, the 18,700-capacity BMO Harris Bradley Centre in 1988.

The talks taking place are aimed at agreeing on the exact details of the public-private financing and time scale of building the new venue in downtown Milwaukee.

It is understood that half of the US$500m arena cost would be paid for by the Milwaukee Bucks' owners, with the other half being covered by public funding. Milwaukee city’s share is expected to be around US$47m.

Peter Feign, president of Bucks, said: “The signing of the agreement is the culmination of an extraordinary effort from a broad coalition to not only keep the Bucks in Wisconsin, but revitalize Milwaukee.

“The entire Bucks family is thankful for the leadership and bipartisan support of Governor Walker, state legislators, local officials, countless organizations and the community.

“We will continue to work with the city and county to move this public-private partnership forward as swiftly as possible and make this world-class sports and entertainment district a reality.”

The Bucks revealed preliminary designs for the arena earlier this year.

Produced by a team led by sports architects Populous and including HNTB and Eppstein Uhen, the design shows a mixed-use project involving sports, entertainment, residential and office uses.

Brad Clark, senior designer at Populous, said: “These early conceptual renderings represent the owners’ vision to create a world-class facility and year-round destination that will revitalize downtown Milwaukee and spur growth and development throughout the region.

“We envision this dynamic entertainment experience as one that could seamlessly connect to the greater Milwaukee community. The goal is to design a lasting symbol for all of Wisconsin, pairing the crafted scale of Milwaukee’s architecture and innovative spirit with the natural beauty of the state.”