Jimmy Haslam and his Haslam Sports Group are in advanced talks to buy Marc Lasry‘s stake in the Bucks, people familiar with the negotiations tell Eben Novy-Williams of Sportico.
Haslam, the chairman of the Pilot Flying J truck stop chain, and his wife Dee are the controlling owners of the NFL’s Cleveland Browns as well as the Columbus Crew of the MLS. According to Novy-Williams, the Haslams are interested in expanding their professional sports portfolio and previously expressed interest in buying the Timberwolves.
Lasry, who owns about 25% of the Bucks, shares controlling owner responsibilities with fellow co-owner Wes Edens. The two co-owners have had an agreement since buying the franchise in 2014 to alternate five-year stints as the primary owner. Edens was in that role from 2014-19 and Lasry has occupied it since 2019, so he has about another year and a half before handing it back to Edens.
Reports in December indicated that Lasry was mulling selling his stake in the team and had spoken to Mat Ishbia about a possible deal before Ishbia reached an agreement to buy the Suns. The Haslam Sports Group has been in talks with Lasry for the last few months, Novy-Williams writes, though he cautions there’s no guarantee a deal will be completed.
The Suns’ sale to Ishbia has led to speculation that we could see more NBA franchises – or minority stakes – change hands in the near future. The Suns were valued at $4 billion in that sale agreement, well above the $2.7 billion estimate Forbes published in the fall. With a new media rights deal around the corner and the possibility of expansion looming, the prices of NBA teams appear to be on the rise, which could make it a good time for current majority and minority stakeholders to cash out.
Forbes valued the Bucks at $2.3 billion in October, but presumably, Lasry would be able to secure a higher valuation if he were to sell his portion of the team. He and Edens – along with a handful of minority investors, including Jamie Dinan – purchased the club from Herb Kohl for a reported sale price of $550M in 2014.
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