MILWAUKEE — Following weeks of reporting and months of speculation, Milwaukee Bucks co-owner Marc Lasry is selling his 25% stake in the franchise to Jimmy Haslam, an American businessman and part-owner of the NFL’s Cleveland Browns, at a reported valuation of $3.5 billion.
The sale, which has been reported over several weeks by The Athletic’s Shams Charania and Eric Nehm, was confirmed in a tweet on the morning of April 14, 2023 — 414 Day in Milwaukee. This deal has been in the works since it was first announced on Feb. 27, but today, it will reportedly be completed.
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This marks the third most expensive purchase of any stake in an American pro sports franchise and the second-highest of any NBA team — surpassed only by the recent purchase of the Phoenix Suns by Mat Ishbia.
Lasry bought his stake in the Milwaukee Bucks from former U.S. Senator Herb Kohl in 2014 for $550M and was an influential factor in building Fiserv Forum. He also agreed to dip into the luxury tax on numerous occasions to help build, establish and keep a contender in Milwaukee.
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Longtime NBA journalist Tim Bontemps of ESPN reports that Lasry is widely expected to establish a sports investment fund within his current business, the Avenue Capital investment firm. Between his successful campaign with the Milwaukee Bucks and Major League Pickleball, Bontemps has reason to believe Lasry won’t be leaving this realm anytime soon.
The Milwaukee Bucks are set to host the Eastern Conference’s No. 8 seed — whoever emerges from tonight’s Play-In Tournament finale between the Miami Heat and Chicago Bulls — with their first game of the postseason set for Sunday at 4:30 p.m. CST.
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