Milwaukee Bucks co-owner Marc Lasry has reportedly come to terms on a sale of his portion of the team that will see Cleveland Browns owners Jimmy and Dee Haslam pay the third-highest amount ever for an American professional sports franchise.
A sale of majority control of the Milwaukee Bucks has been in the works for some time, and on Monday morning it looks like all the Ts were crossed and Is dotted on a deal to sell the organization. As ESPN was the first to report, Jimmy and Dee Haslam are expected to purchase Lasry’s stake in the team for a valuation price of $3.5 billion.
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The Bucks are the third major United States sports organization to be sold in the last six months, and it will also be the third highest sale price of all time. Last year, the Denver Broncos were sold to Walmart kingpin Rob Walton for $4.65 billion. The Broncos’ sale price is followed by the $4 billion Matt Isbia paid for the Phoenix Suns in a deal that was finalized earlier this year.
While the Milwaukee Bucks sale price is third all-time for US sports teams, the $3.5 billion price is second ever for NBA franchises. Behind only the Suns, and in front of the $2.3 billion the Brooklyn Nets sold for in 2019, and the $2.2 billion final price of the Houston Rockets sale in 2017.
Sale prices for sports franchises, including in the NBA, have skyrocketed over the last decade as the value of owning a major professional team is at an all-time high. However, the Milwaukee Bucks’ sale price today is nearly four times more than $550 million that Marc Lasry and hedge fund financier Wes Edens paid for the team when they purchased it in 2014.
The co-owners helped bring the franchise a new arena, Fiserv Forum, in 2018 and picked the executives and coaching staff that has helped to create an Eastern Conference powerhouse led by perennial MVP candidate Giannis Antetokounmpo
The NFL’s Washington Commanders could be the next major US sports team to be sold with the majority owner Daniel Snyder reportedly looking for a record-breaking $6 billion potential sale.