Milwaukee Bucks co-owner Marc Lasry has sold his stake in the team to Jimmy and Dee Haslam for a reported $3.5 billion. The Haslams are the owners of the Cleveland Browns and now have ownership of an NBA franchise as well. This deal still has to be approved by the NBA, but for now, there is no major obstacle in the way of that happening. This $3.5 billion evaluation is the second-highest behind the recent purchase of the Phoenix Suns by Mat Ishbia from Robert Sarver. It is the third highest in American professional sports behind the purchase of the Denver Broncos for $4.65 billion.
Milwaukee Bucks co-owner Marc Lasry has an agreement to sell his stake in the Bucks to American businessman and Cleveland Browns owner Jimmy Haslam and Haslam Sports Group for a $3.5 billion valuation, sources tell me and @eric_nehm.
— Shams Charania (@ShamsCharania) February 27, 2023
Professional sports teams do not come up for sale often, but when they do billions of dollars are moved when it happens. Marc Lasry selling his stake in the franchise to Jimmy and Dee Haslam could have happened for several different reasons. With the team currently in shape to compete for an NBA Championship despite being a small market, its value is likely higher than it would be otherwise. Owning the majority stake in two professional sports teams is not unheard of and now the Haslams will own both an NFL and NBA team.
Marc Lasry has some plans moving forward once the sale of the Milwaukee Bucks is finalized. He is currently in talks to start a sports investment fund within his current investment fund, Avenue Capital. His reach there could expand into many other sports including already-established leagues and new leagues just beginning their franchises.