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The University of Wisconsin-Milwaukee and the Wisconsin Center District announced on Thursday a new 10-year partnership that rebrands the old Arena as the UW-Milwaukee Panther Arena, and gives the school the right to host concerts and other programming there.

The extended agreement is the product of talks dating back a year between the university and the district and raises new complications involving discussions about a new arena in Milwaukee. If a new arena is built in the coming years, that creates the potential for three arenas in the downtown area: a new arena; the renamed UW-Milwaukee Panther Arena; and the BMO Harris Bradley Center.

Asked if the community could support three arenas, Franklyn Gimbel, chairman of the Wisconsin Center District board, quickly said no.

Gimbel said he supported building a new arena for the Milwaukee Bucks, Marquette University's men's basketball program and the Milwaukee Admirals, but remained opposed to tearing down the UW-Milwaukee Panther Arena. The arena first opened in 1950.

"I think this venue has the unique characteristics for fan appreciation of the events that play here that would not transfer easily to the Bradley Center. And my personal view...I don't see that building as having future viability when and if a new arena is built," Gimbel said.

Steve Costello, president and CEO of the BMO Harris Bradley Center, said in a statement that it was premature to say the Bradley Center should be torn down, especially in light of what he called a "robust discussion" about the need for a new arena.

"This decision must be a part of the community discussion about the future of downtown Milwaukee, but as the crown jewel of the downtown entertainment scene, we believe it's putting the cart before the horse to offer this type of opinion," he said.

Costello noted that Gimbel had raised an important point: Does the community need three or even two downtown multipurpose facilities?

Gimbel said he hoped the new partnership between the district and UWM would last for "many, many decades to come." Under the terms of the contract, UWM has the option of extending it to 2029.

The value of the new UWM deal is $3.4 million over 10 years. UWM funding will come from nonacademic program revenue and UWM Foundation resources.

As part of the agreement, UWM will be given extensive arena signage, and will have a presence on the new scoreboard, all district video boards and on the district's website. UWM will be given booking priority for UWM events during the length of the contract.

New seats also are coming to the arena over a three-year period; the project will feature black and gold seats, the school's colors.

The agreement does not require the approval of the University of Wisconsin Board of Regents and the Wisconsin Center District board.

U.S. Cellular ended its naming rights agreement with the district on May 31. The contract U.S. Cellular signed in 2007 combined cash payments and wireless services to the Wisconsin Center District totaling more than $2.4 million.

The 12,700-seat arena is not only home to the UWM men's basketball team, it is the home of the Major Arena Soccer League's Milwaukee Wave and the Brewcity Bruisers roller derby team. The arena is also the exclusive home of Disney on Ice, the Tripoli Shrine Circus and graduations.

"What a win this is for Milwaukee as a city, for the region and for the larger state," Mark Mone, UWM's interim chancellor, said.

Rob Jeter, head coach of the men's basketball team, called it an exciting day for the program.

With the new agreement, talk of a new arena on the UWM campus is dead. UWM Athletic Director Amanda Braun said building on campus did not make sense for the institution.