Haslam Sports Group agrees to buy share of the NBA's Milwaukee Bucks
Jimmy Haslam and Haslam Sports Group have agreed to purchase co-owner Marc Lasry's ownership stake in the NBA's Milwaukee Bucks, operating under a $3.5 billion valuation for the franchise, the Journal Sentinel confirmed Monday.
Haslam and his wife, Dee Haslam, are listed as the Haslam Sports Group CEO and chairman. In addition to owning the NFL's Cleveland Browns since 2012, the couple own the Columbus Crew of Major League Soccer.
Haslam is a University of Tennessee athletics donor and chairman of the board for the Pilot Company, based in Knoxville. His brother, Bill Haslam, served as governor of Tennessee for eight years until 2019 and is expected to become majority owner of the NHL's Nashville Predators.
Now that an agreement has been reached in principal, the Haslams will begin the NBA process of being vetted. According to a league source familiar with the process, that incudes personal, financial, professional and criminal background checks. The Haslams also will meet with eight to 10 other owners for interviews. Once they pass those processes, the NBA's board of governors will convene for a vote to approve the sale.
The process could take several weeks, or several months. But, while the Haslams have not had a previous stake in an NBA team, they were very interested in purchasing the Minnesota Timberwolves and there may be some familiarity with them within the league.
A league source told the Journal Sentinel that when Lasry first had initial discussions to sell his 25% share of the franchise – which included conversations with now-Phoenix Suns owner Mat Ishbia – he was looking for $800 million to $1 billion for his share.
Wes Edens and Lasry bought the Bucks from Herb Kohl in 2014 for $550 million. As part of the sale, Kohl promised to donate $100 million to a new arena to help ensure the team remained in Milwaukee.
The rotating governorship between Lasry and Edens is also on the table in the transaction, but Edens had helped bring Haslam to the discussion, according to a source familiar with their relationship. Edens had been in Cleveland when the Bucks played the Cavaliers on Jan. 21. Jimmy Haslam, who was courtside at Fiserv Forum on Sunday, made at least one earlier trip to Milwaukee and met with Bucks executives and some players.
Edens and Lasry had teamed with a third investor, Jamie Dinan, and a fourth major investor with a lesser stake, Mike Fascitelli. And yes, Packers quarterback Aaron Rodgers has a small stake, as well.
Forbes last estimated that the Bucks were worth $2.3 billion in October. Since Lasry and Edens made the purchase, the Bucks have built a new arena (Fiserv Forum opened in 2018) and won a championship in 2021, the first for the franchise in 50 years.
This article originally appeared on Milwaukee Journal Sentinel: Haslam Sports Group agrees to buy share of the NBA's Milwaukee Bucks
