Bucks co-owner Marc Lasry has agreed to sell his stake in the team to Jimmy and Dee Haslam, per Shams Charania and Eric Nehm of The Athletic.
The deal reportedly had been brewing for several weeks, with the valuation coming in at around $3.5 billion, per Tim Bontemps of ESPN. Jimmy Haslam is the majority owner of the NFL’s Cleveland Browns.
Haslam will now share ownership of the NBA franchise with current co-owner Wes Edens. He will continue to be majority owner of the Browns even with partial ownership of the Bucks, sources told Hoops Wire.
Edens and Lasry bought the Bucks from previous owner Herb Kohl in 2014, reportedly for $550 million. Haslam’s interest in the Bucks came just recently, but intensified after American businessman Mat Ishbia bought controlling interest of the Suns, Charania reported. Ishbia had been viewed as a potential Bucks co-owner first.
“Sources who were granted anonymity so that they could speak freely tell The Athletic this process with Haslam began after Lasry considered selling his stake in the Bucks to American businessman Mat Ishbia before Ishbia bought controlling interest of the Phoenix Suns,” Charania and Nehm wrote. “Haslam entered the conversation after Ishbia moved on to the Suns and joined Edens courtside for the Bucks’ 123-114 victory over the Minnesota Timberwolves on Dec. 30, 2022.”
Haslam has been involved in NFL ownership since 2008, first as a minority owner of the Pittsburgh Steelers. He bought controlling interest in the Browns in 2012. He has since also become majority owner of the Columbus Crew of the MLS.
The $3.5 billion valuation is the second-highest for an NBA team ever, trailing only the $4 billion Mat Ishbia purchased the Suns for earlier this month, and third-highest for an American sports franchise, behind the Denver Broncos sale last year. https://t.co/p10r3NJ2NV
— Tim Bontemps (@TimBontemps) February 27, 2023