Milwaukee Bucks co-owner Marc Lasry has reached an agreement to sell his stake in the team to Cleveland Browns owner Jimmy Haslam and Haslam Sports Group for a valuation of $3.5 billion, league sources say. Athleticism.
Haslam will join the ownership group with current co-owner Wes Edens after a months-long process that included several meetings between the parties. Haslam attended several Bucks games throughout the process, including sitting courtside in Milwaukee for Sunday’s 104-101 win over Phoenix and the Dec. 30 win over the Timberwolves.
Sources familiar with Lasry’s plans said he would continue to pursue business opportunities in the sport, including potential ownership of another professional team.
Edens and Lasry bought the Bucks from Herb Kohl in 2014 for $550 million. As part of the sale, Kohl promised to donate $100 million to a new arena to help ensure the team stays in Milwaukee.
Under Lasry’s tenure, the Bucks delivered on their promise of a new arena. The Fiserv Forum opened in August 2018 and led to huge commercial success around the building as the surrounding development, called Deer District, helped transform part of downtown Milwaukee.
Lasry’s nearly decade-long run as co-owner — the last three and a half as controlling governor — has seen the Bucks emerge as a powerhouse on and off the ground.
The team became perennial title contenders while Giannis Antetokounmpo became a superstar and won back-to-back NBA MVPs, the first in 2019, during Mike Budenholzer’s first two seasons as head coach. After three seasons of consistent success, the Bucks captured the 2021 NBA title, the franchise’s second championship and first since 1971. Key to that title was an off-season trade from GM Jon Horst that brought Jrue Holiday to the Bucks for form a big three with Antetokounmpo. and Kris Middleton.
Haslam, 68, is the chairman of the board of directors of the Pilot Flying J truck stop chain. His father, Jim, founded the Pilot Oil Corporation in 1958, and Pilot Company is now the fifth-largest private company in the United States. United States, according to a 2022 Forbes listing. According to Forbes, the company’s revenue in 2022 was $41.9 billion and the company employs 30,000 people.
Haslam already owns the Browns in the NFL and the Columbus Crew in MLS. He has been involved in the ownership of professional sports franchises since 2008 when he purchased a minority stake in the Pittsburgh Steelers. He sold his minority stake in the Steelers to buy the Browns from Randy Lerner and take control of the franchise for $1 billion.
Since taking over the franchise midway through the 2012 season, Haslam has seen the Browns compile a 55-113-1 record and only make one playoff appearance, in 2020. Haslam took over the Columbus Crew at the start of 2019 and the team won the MLS Cup in 2020.
(Photo by Jimmy Haslam: Ken Blaze/USA Today)