MILWAUKEE, Wis. — Milwaukee Bucks co-owner Marc Lasry is selling his stake to Cleveland Browns owner Jimmy Haslam and Haslam Sports Group, according to The Athletic.
Earlier this month, TMJ4 News reportedLasry was in serious talks to sell his stake. Now, it seems, that deal is official.
According to The Athletic's Shams Charania, the two came to an agreement for a $3.5 billion valuation. The valuation is the third highest for an American sports franchise, according to ESPN.
Lasry had a 25% stake of that $3.5 billion, the Associated Press reported.
Haslam will now join the ownership group alongside Wes Edens.
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
Haslam is already the owner of the Cleveland Browns and is part-owner of the Columbus Crew of Major League Soccer.
Lasry and Edensbought the team from Herb Kohl in 2014 for $550 million. According to Forbes, as of October 2022, the Bucks are worth an estimated $2.3 billion.
Lasry is also co-founder and CEO of Avenue Capitol Group. His son, Alex Lasry, is a Bucks executive who previously ran for U.S. Senate in Wisconsin in 2022.
TMJ4 News has reached out to the Milwaukee Bucks for comment.
This is a developing story. TMJ4 News will update this article as we learn more.
