Knoxville's Jimmy and Dee Haslam approved as co-owners of the Milwaukee Bucks

The Milwaukee Bucks have new faces in ownership.

The NBA board of governors approved the bid of Jimmy and Dee Haslam to purchase Marc Lasry’s 25% share of the Bucks on Friday, less than six weeks after the Haslam Sports Group and Lasry agreed on a purchase price.

The Journal Sentinel learned from a source that the Haslam Sports Group paid $800 million for the share – giving the Bucks franchise a value of $3.2 billion. It is a lower figure than initial reports.

Jimmy Haslam, 68, is a major University of Tennessee athletics donor and chairman of the board for the Pilot Company, based in Knoxville.

Dee Haslam founded RIVR Media which produces content for Discovery, HGTV, Food Network, DIY Network, Animal Planet and more.

The Bucks are the third professional sports franchise in the Haslam Sports portfolio, as they are the owners of the Cleveland Browns of the NFL and co-owners of the Columbus Crew of the MLS.

In a statement released by the Bucks, Dee and Jimmy Haslam said, “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.”

Bill Haslam, Jimmy's brother, agreed last year to purchase a majority share of the NHL's Nashville Predators over a three-year period. He was mayor of Knoxville and a former governor of Tennessee.

In its annual survey of franchise values in late October, Forbes listed the Bucks as the 15th most valuable NBA franchise at $2.3 billion.

Lasry and Wes Edens bought the Bucks from former Wisconsin Senator Herb Kohl in April 2014 for $550 million, a then-record for an NBA franchise. Hedge fund manager Jamie Dinan joined the Bucks’ primary ownership group in July 2014 and there are dozens of minority owners in the team.

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“On behalf of Jamie and the entire ownership group, I want to welcome Dee, Jimmy and the Haslam family to the Bucks,” Edens said in the statement issued by the team. "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.”

Edens and Lasry had a unique arrangement regarding the “governorship” of the franchise, which rotated between the duo every five years. (The NBA moved away from calling individuals with controlling interests in teams as “owners” to “governors” shortly after Edens and Lasry bought the Bucks.)

What the governorship means is that person represents the team in league matters and ultimately has the final say in basketball decisions.

Lasry took over the role for the 2019-20 season, so he had one more year under his purview. During the NFL owners' meetings in March, Haslam said Edens would assume the governorship early.

According to a release from the Bucks, the Haslam Sports Group will join Edens and Dinan in taking control of and operating the Bucks, Fiserv Forum, Sports Science Center, the Wisconsin Herd and Bucks Gaming.

This article originally appeared on Milwaukee Journal Sentinel: Knoxville's Jimmy and Dee Haslam approved as co-owners of Milwaukee Bucks