Haslams agree to purchase Marc Lasry’s stake in Milwaukee Bucks

MILWAUKEE(AP) — Cleveland Browns owners Jimmy and Dee Haslam have agreed topurchase Marc Lasry’s 25% stake of the Milwaukee Bucks in a dealthat puts the value of the NBA franchise at $3.5 billion, twopeople with knowledge of the negotiations said Monday.

The agreementhas not been finalized, said the people, who spoke to TheAssociated Press on condition of anonymity because neither theBucks nor the Haslams publicly disclosed any element of theagreement.

Thosenumbers, if finalized, would mean the Haslams plan to spend about$875 million for Lasry’s stake of the team.

The Haslams,who also own the Columbus Crew of Major Soccer League, haveexplored buying other professional sports teams, including theMinnesota Timberwolves in the past. Sportico was first to reportthe Haslam Sports Group’s interest in the Bucks. ESPN and TheAthletic were first to report the agreement on Monday.

It would bethe second-highest valuation in NBA history,behind the $4 billion valuation forthe Phoenix Suns and Phoenix Mercury when Mat Ishbia acquiredthemin a deal that closed earlier this month. It’s also amassive return on Lasry’s initial investment.

The Haslamsbought the Browns from Randy Lerner in 2012 for $1.05 billion.Their tenure in Cleveland mostly has been defined by losingrecords, changes and controversy.

The Brownshave made the playoffs only once under the Haslams, who have madenumerous coaching and front-office overhauls in their pursuit of aSuper Bowl title. Last year, they were criticized for acquiringquarterback Deshaun Watson in a trade before signing him to arecord contract while he was being accused of sexual misconduct bytwo dozen women in Texas.

Lasry andWesley Edens, both New York investment firm executives, bought theBucks from former U.S. Sen. Herb Kohl for about $550 million in2014 with pledges to keep the team in Milwaukee. The Bucks’ownership group also includes Jamie Dinan and Mike Fascitelli.

The Buckshave enjoyed great success since that sale. They moved into a newarena in 2018, won their first NBA title in 50 years in 2021 andhave built a perennial contender around Greek superstar andtwo-time MVP Giannis Antetokounmpo.

The surgingvaluations almost certainly mean that the expansion fees will bewell beyond what was originally thought when the NBA decides to addteams — something that will likely start getting discussedseriously once the league and the union complete their talks on anew labor agreement and the NBA completes its next rights deal withbroadcast partners.

If the Sunsand Bucks are both being valued in the $3.5-to-$4 billion range, itstands to reason that expansion fees will be at least that much andlikely more when the league decides the time is right to addclubs.

“It isnatural at some point that an organization expands,” NBACommissioner Adam Silver said earlier this month at the All-Starweekend in Salt Lake City.

“The viewfrom our governors has been let’s figure out exactly what the newCBA looks like, let’s figure out what our new media deals looklike. Then let’s think about expansion,” Silver said. “Soinvariably we will. There’s no active discussions in the leagueoffice right now, but we’ll turn back to it in a few years.”