Jimmy and Dee Haslam’s purchase of a minority stake in the Milwaukee Bucks from billionaire Marc Lasry is set to be completed Friday, according to people familiar with the matter.
(Bloomberg) — Jimmy and Dee Haslam’s purchase of a minority stake in the Milwaukee Bucks from billionaire Marc Lasry is set to be completed Friday, according to people familiar with the matter.
An announcement could come as soon then, given the deal has already been approved by the National Basketball Association’s Board of Governors and its owners, said the people, who asked not to be identified because the information wasn’t public yet. The release of signatures as well as the transfer of assets will be completed at the end of the week, one of the people added.
A representative for both the Haslam family and Lasry declined to comment.
In February, Lasry reached an agreement to sell his 25% stake in the team to the Haslams, who also own the National Football League’s Cleveland Browns. The transaction values the Bucks at about $3.5 billion, Bloomberg News reported.
Professional sports clubs remain increasingly hot assets and a store of value for the world’s richest people. In December, Mat Ishbia, chief executive officer of United Wholesale Mortgage, agreed to buy a majority stake in the Phoenix Suns and the WNBA’s Phoenix Mercury in one of the biggest transactions in NBA history, valuing the teams at $4 billion.
At a $3.5 billion valuation, the Bucks would fetch one of the highest prices ever for a US sports franchise, according to data compiled by Bloomberg. The Washington Commanders are being sold for $6 billion, while the Denver Broncos last year fetched a $4.65 billion sale and the New York Mets were acquired for $2.4 billion in 2020.
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