Browns owner buys stake in Bucks

Milwaukee Bucks co-owner Marc Lasry has an agreement to sell his stake in the Bucks to American businessman and Cleveland Browns owner Jimmy Haslam and Haslam Sports Group for a $3.5 billion valuation, sources tell me and @eric_nehm.

— Shams Charania (@ShamsCharania) February 27, 2023

Truck stop king Jimmy Haslam reached an agreement to buy 25 percent of the Bucks from Marc Lasry at a valuation of $3.5 billion. That means Lasry's share would be worth just under $900 million. That's more than what Lasry's ownership group paid for the entire franchise in 2015, when they bought the team from Herb Kohl for $550 million.

Since 2015, the Lasry group built Fiserv Arena and developed the "Deer District" outside the arena in Milwaukee. Oh, and they won an NBA championship in 2021 behind two-time MVP Giannis Antetokounmpo. Lasry also scored nine points in the All-Star Celebrity Game in 2017 - not bad for a 57-year-old.

Haslam is the chairman of the board of the Pilot Corporation, which runs the Pilot Flying J chain of truck stops, founded by Haslam's father. He has been a sports team owner since 2008, when he purchased a minority interest in the Pittsburgh Steelers. In 2012, he bought the Cleveland Browns for $1 billion. In 2018, Haslam added the Columbus Crew, a Major League Soccer team that won the MLS Cup in 2020.

Haslam's Browns haven't had great success under his ownership. The Browns are 44-94-1 (.320) since he bought the team, which works out to an average of just over five wins in a 17-game season. He's had seven different head coaches in his decade at the helm, with seasons of 0-16 and 1-15.

He's also faced legal trouble with Pilot Flying J. The chain paid a $92 million fine after systematically defrauding their customers with a diesel fuel rebate scheme. They also had to pay $84.9 million to compensate their victimized customers. 14 executives pled guilty and three others were convicted, while two others got immunity for their crimes. Haslam denied having any knowledge and was never charged.

Haslam would join a large ownership group that includes primary owners Jamie Dinan and Wes Edens, plus Packers-for-now QB Aaron Rodgers, who owns one percent of the team. He's also dating Edens' daughter Mallory, though she did not appear to accompany Rodgers on his darkness retreat.

It's not clear how much influence Haslam might have on his new team, but Milwaukee fans should hope that the recent performance of the Browns doesn't influence the future performance of the Bucks.