MILWAUKEE — The final hurdle is complete as Milwaukee Bucks co-owner Marc Lasry sells his stake in the team to Dee and Jimmy Haslam's Haslam Sports Group.
The sale is to a tune of a $3.5 billion valuation. Lasry is selling his 25 percent stake in the team. The Haslams also have ownership in the Cleveland Browns.
Wes Edens and Jamie Dinan purchased the Bucks with Lasry in 2014 from former U.S. Sen. Herb Kohl for $550 million. Since then Lasry served as governor of the Bucks. With Lasry out, Edens will serve as Bucks governor for the next five years, according to a news release from the team on Friday.
Forbes valued the Milwaukee NBA team at $2.3 billion in November of 2022.
With the purchase, Haslam Sports Group with Edens and Dinan will control and operate the Milwaukee Bucks team, Fiserv Forum, Froedtert 's Sports Science Center, the Bucks' training center, the Bucks G League affiliate called the Wisconsin Herd, and Bucks Gaming.
This is the third-highest purchase in all American professional sports and second highest for an NBA team. It follows only $4 billion for the Phoenix Suns and $4.65 billion Denver Broncos, according to The Athletic.
Marc Lasry now plans to create a sports investment fund with Avenue Capital Group, according to ESPN.
Marc's son, Alex, also announcedFriday he is leaving the organization. He was a Bucks executive during his father's time as co-owner.
Via the Bucks, Dee and Jimmy Haslam issued the following statement:
“We are equally honored and excited for the opportunity to invest in the Milwaukee Bucks and join the Edens and Dinan families as partners. 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.”
Wes Edens issued the following statement:
“We are equally honored and excited for the opportunity to invest in the Milwaukee Bucks and join the Edens and Dinan families as partners. 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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