CLEVELAND, Ohio (92.3 The fan) – The Haslam Sports Group, led by Jimmy and Dee Haslam, is nearing an agreement to purchase a controlling stake in the Milwaukee Bucks a source with knowledge of the situation confirmed to 92.3 The Fan.
The agreement has not been finalized but is expected to be completed the source said.
The Haslam Sports Group, who expressed interest in the Minnesota Timberwolves back in 2020, will be acquiring Marc Lasry’s controlling share of the NBA franchise.
The $3.5 billion valuation is the third-highest of an American professional sports franchise trailing the sale of the Denver Broncos ($4.65 billion) and Phoenix Suns ($4 billion).
Lasry's share of the club is estimated to be worth around $875 million.
The NBA's board of governors must approve the sale.
The group, which has owned and operated the Cleveland Browns of the National Football League since October 2012, began exploring the possibility in December after Mat Ishbia withdrew his pursuit of the Bucks when he agreed to purchase the Suns.
Since the Haslam Sports Group purchased the Browns from the Lerner Family Trust for nearly $1 billion in 2012, the value of the franchise has nearly tripled despite a lack of sustained success on the field. The Browns ended an 18-year playoff drought and advanced to the divisional round of the AFC playoffs in 2020.
The Haslam Sports Group also owns a significant stake in the Columbus Crew of Major League Soccer, which they acquired in 2019. The team won the MLS Cup in 2020.
Jimmy Haslam is the chairman of the board of Pilot Flying J, which the Haslam family agreed to sell controlling interest in to Warren Buffett in 2017.
Buffett originally purchased a 39% stake in the company as part of a multibillion-dollar deal and Buffett is scheduled to acquire an 80% controlling interest as part of that agreement this year giving the Haslams plenty of liquidity to expand their sports holdings portfolio.
Lasry bought the Bucks along with Wes Edens from Herb Khol for $550 million in 2014 and have added multiple minority owners in the club since.
Lasry and Edens spearheaded the construction of a new arena, Fiserv Forum, which opened in 2018.
Led by Giannis Antetokounmpo, the Bucks won the NBA championship in 2021 ending a 50-year drought for the franchise.