CLEVELAND, Ohio (92.3 The Fan) – The NBA’s Board of Governors approved the Haslam Sports Group’s purchase of a stake in the Milwaukee Bucks from Governor Marc Lasry on Friday.
Based off a $3.5 billion valuation of the NBA franchise, Lasry's share of the club is estimated to be worth around $875 million.
The Haslams join Wes Edens, who will serve as Governor of the Bucks for the next five years, and Jamie Dinan as co-owners of the team.
“We are equally honored and excited for the opportunity to invest in the Milwaukee Bucks and join the Edens and Dinan families as partners,” Dee and Jimmy Haslam said. “This ownership group has created a championship organization both on and off the court, a standard that is rare in sports, and we highly respect the team they have built. We have tremendous appreciation for the impressive history of basketball in Milwaukee and the passionate and loyal fan base.
“We appreciate the power of sports and its unique ability to bring people together and make a positive difference in our communities. We are thrilled to join the NBA and look forward to providing the support necessary for the Bucks to continue to achieve sustainable success.”
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Led by Jimmy and Dee Haslam, the Haslam Sports Group, which was founded in 2020, also includes Whitney and JW Johnson.
The group, which has owned and operated the Cleveland Browns of the National Football League since October 2012, began exploring the possibility of buying into the Bucks in December after Mat Ishbia withdrew his pursuit when he agreed to purchase the Phoenix Suns for $4 billion.
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 and plenty of volatility off of it. The Browns ended an 18-year playoff drought and advanced to the divisional round of the AFC playoffs in 2020.
The Haslams have engaged the city of Cleveland and local leaders concerning the future of the Browns in northeast Ohio and their stadium, which opened in 1999 in conjunction of the return as an expansion team following the 1996 relocation to Baltimore of the original franchise. The stadium will require replacement or a significant overhaul. The Browns lease is set to expire at the end of the 2028 NFL season.
Headquartered in Berea, Ohio, the Haslam Sports Group is preparing to undertake a massive multimillion dollar development project in and around the Browns training and administrative complex, CrossCountry Mortgage Campus, after acquiring nearly 20 parcels of land around it in recent years.
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's Berkshire Hathaway in 2017.
Buffett originally purchased a 39% stake in Pilot Flying J as part of a multibillion-dollar deal and Buffett is scheduled to acquire an 80% controlling interest as part of that agreement this year.
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 also spearheaded the construction of a new arena, Fiserv Forum, which opened in 2018.
Together with Edens and Dinan, Haslam Sports Group (HSG) will control and operate the Bucks; Fiserv Forum; the Froedtert & the Medical College of Wisconsin Sports Science Center, the team’s training center; the Wisconsin Herd, the Bucks’ G League affiliate; and Bucks Gaming, the team’s 2K League affiliate.
“On behalf of Jamie and the entire ownership group, I want to welcome Dee, Jimmy and the Haslam family to the Bucks,” Edens said. “The Bucks have a special bond with the people of Milwaukee and throughout Wisconsin, and we’re looking forward to working closely with Dee and Jimmy to further build upon our team’s success, both on and off the court. Their professional sports experience and profound engagement and desire to positively impact communities will provide important contributions to our franchise’s long-term success.
“We’re very proud of the impact our ownership group has had over the past nine years and believe that we’re well-positioned for an even brighter future.”
Led by Giannis Antetokounmpo, the Bucks won the NBA championship in 2021 ending a 50-year title drought for the franchise.