Wisconsin Gov. Scott Walker announced a plan to use the growth of NBA player tax revenues to help finance the building of a new multi-purpose arena that would keep the Milwaukee Bucks in Milwaukee.

Speaking in front of the Metropolitan Milwaukee Association of Commerce, Walker outlined his plan to raise $220 million in funding for the new arena, joining the $100 million pledged by outgoing owner Herb Kohl and the $150 million promised by new owners Marc Lasry and Wesley Edens. Walker said NBA players currently pay $6.52 million annually in state income taxes and the projected growth in player salaries would be enough to cover the $220 million.

The projected growth in player salaries is primarily due to the NBA's new nine-year, $24 billion television deal in 2016. The new deal is about three times the current $900 million television deal, and the influx of television money will have the salary cap on the rise.

In Walker's mind, with player salaries set to be on a major upswing, so too will be the tax collections on those deals. That will be the revenue needed to pay for the new arena:

Details of "Bucks Will Pay Their Way" plan: No new taxes. Preserve existing tax $. Use new growth for state role: pic.twitter.com/Sl8JMBfu24 — Governor Walker (@GovWalker) January 27, 2015

The Bucks released a statement thanking Walker for his support:

Milwaukee Bucks Statement on Announcement by Governor Scott Walker pic.twitter.com/tEYDaHKuTr — Milwaukee Bucks (@Bucks) January 27, 2015

This $220 million plan combined with the $250 million already pledged by the Bucks' new and old owners, puts the total funding at $470 million, well in the ballpark of what's needed to build the new arena.

While this is a win for the Bucks, Walker's proposal still must be approved by state legislature, so nothing is guaranteed. But this is a huge step toward keeping the Bucks in Milwaukee.

The Bucks are under pressure to get a new arena built, because NBA commissioner Adam Silver has said the BMO Harris Bradley Center doesn't cut it compared to the league's other stadiums. The Bucks' current lease at the Bradley Center runs through 2017, and if construction of a new arena isn't underway by then, the NBA could purchase the team back from its new owners and move it elsewhere.

Walker also announced that even if the team is sold during the time the debt is being paid off, the sale proceeds will go toward paying off the obligation. That would be the case whether the team stays in Milwaukee or not.