The Cleveland Browns owner Jimmy Haslam and his Haslam Sports Group are reportedly expanding their sports empire to the NBA. According to multiple reports, Haslam has acquired a stake in Milwaukee Bucks.
Haslam will buy the piece of the Bucks from Avenue Capital Group CEO Marc Lasry, who owns around 25 percent of the franchise. The reported price is $875 million, bringing the Bucks’ valuation to $3.5 billion. Co-owners Wesley Edens and James Dinan are expected to retain their share of the team.
If the numbers are true, then the Bucks become the NBA team with the second-highest valuation. They only trail the Phoenix Suns, who were acquired by United Wholesale Mortgage CEO Mat Ishbia at a valuation of $4 billion.
Despite selling the Bucks, Lasry intends to remain involved in sports. He is reportedly interested in investing in another professional team, either as a controlling owner or as a minority stakeholder.
Lasry and Edens purchased the Milwaukee Bucks in 2014 for $550 million while also contributing $100 million for the construction of a new arena. Since then, the Bucks have been one of the league’s best and most consistent teams. They only missed the playoffs once while making the East Conference Finals two times and winning an NBA title in 2020-21.
