The Milwaukee Bucks will officially have a new co-owner as they head into the 2023 NBA Playoffs. Shams Charania of The Athletic reported on Twitter today that Marc Lasry has completed the sale of his share of the Bucks to Cleveland Brown’s owner Jimmy Haslam.
Milwaukee Bucks co-owner Marc Lasry is completing the sale of his Bucks stake to Cleveland Browns owner Jimmy Haslam and Haslam Sports Group for a $3.5 billion valuation on Friday, sources tell me and @eric_nehm. https://t.co/JLPL3lQD1t
— Shams Charania (@ShamsCharania) April 14, 2023
As Charania tweeted, and as was reported back in February, Lasry agreed to sell his share of the Bucks for 25% of its $3.5 billion value. To be clear, Lasry did not sell his stake of the Bucks for $3.5 billion. That is how much the Bucks franchise is worth.
Fast Facts about Jimmy Haslam, New Co-Owner of the Milwaukee Bucks
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The following are some fast facts about new Milwaukee Bucks owner Jimmy Haslam from Forbes.com:
- Jimmy Haslam is chairman of Pilot Flying J, the truck stop company founded in 1958 by his father, who paid $6,000 for a gas station in Virginia.
- Berkshire Hathaway paid a reported $2.8 billion for 39% of Pilot in 2017 and will acquire another 41% by 2023.
- Pilot has more than 800 locations in North America and generates about $26 billion in annual revenue.
- Haslam joined the board in 1975, when he was 20 and a senior at the University of Tennessee; Pilot’s annual sales were about $50 million at the time.
- In 2012, Haslam became the majority stakeholder of Cleveland Browns for roughly $990 million. Today his stake is worth nearly $2.2 billion.
- In July 2020, Pilot announced Haslam would step down as CEO and transition to chairman in January 2021.
Also according to Forbes, Haslam is worth $4.8 billion.
Haslam, of course, was at the center of a controversial decision last year as the Cleveland Browns owner when they gave accused sexual predator DeShaun Watson a guaranteed contract worth almost a quarter of a billion dollars.
Why Did Marc Lasry Sell His Stake in the Milwaukee Bucks?
When Marc Lasry and Wes Edens decided to buy the Bucks in 2014 for $550 million. Lasry’s stake in the team was roughly 25%, making him and Edens (who owns an identical share) the two majority owners of the team. With his sale of his stock, Lasry has made over 500% profit on his investment.
As mentioned previously, the Bucks are worth $3.5 billion. 25% of that total is $875 million, which is a lot more than Lasry and Edens paid combined when they purchased the team in 2014. According to reports, Lasry was not fully on board with how high of a salary cap Milwaukee has accumulated and wanted to cut spending. He also has other ventures in the world of sports that he would like to pursue.
The finalization of the sale comes with the NBA finally approving the deal. Interestingly, it also comes days before the Bucks begin their run in the 2023 NBA Playoffs.
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