MILWAUKEE — Cleveland Browns owners Jimmy and Dee Haslam have agreed to purchase Marc Lasry’s 25% stake of the Milwaukee Bucks in a deal that puts the value of the NBA franchise at $3.5 billion, two people with knowledge of the negotiations said Monday.
The agreement has not been finalized, said the people, who spoke to The Associated Press on condition of anonymity because neither the Bucks nor the Haslams publicly disclosed any element of the agreement.
Advertisement
Those numbers, 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, have explored buying other professional sports teams, including the Minnesota Timberwolves in the past. Sportico was first to report the Haslam Sports Group’s interest in the Bucks. ESPN and The Athletic were first to report the agreement on Monday.
Advertisement
Dee and Jimmy Haslam. (John Kuntz/AP)
It would be the second-highest valuation in NBA history, behind the $4 billion valuation for the Phoenix Suns and Phoenix Mercury when Mat Ishbia acquired them in a deal that closed earlier this month. It’s also a massive return on Lasry’s initial investment.
The Haslams bought the Browns from Randy Lerner in 2012 for $1.05 billion. Their tenure in Cleveland mostly has been defined by losing records, changes and controversy.
The Browns have made the playoffs only once under the Haslams, who have made numerous coaching and front-office overhauls in their pursuit of a Super Bowl title. Last year, they were criticized for acquiring quarterback Deshaun Watson in a trade before signing him to a record contract while he was being accused of sexual misconduct by two dozen women in Texas.
The Pinstripe Express Weekly The Daily News sports editors handpick the week’s best Yankees stories from our award-winning columnists and beat writers. Delivered to your inbox every Wednesday. By submitting your email to receive this newsletter, you agree to our Subscriber Terms & Conditions and Privacy Policy >
Lasry and Wesley Edens, both New York investment firm executives, bought the Bucks from former U.S. Sen. Herb Kohl for about $550 million in 2014 with pledges to keep the team in Milwaukee. The Bucks’ ownership group also includes Jamie Dinan and Mike Fascitelli.
The Bucks have enjoyed great success since that sale. They moved into a new arena in 2018, won their first NBA title in 50 years in 2021 and have built a perennial contender around Greek superstar and two-time MVP Giannis Antetokounmpo.
The surging valuations almost certainly mean that the expansion fees will be well beyond what was originally thought when the NBA decides to add teams — something that will likely start getting discussed seriously once the league and the union complete their talks on a new labor agreement and the NBA completes its next rights deal with broadcast partners.
If the Suns and Bucks are both being valued in the $3.5-to-$4 billion range, it stands to reason that expansion fees will be at least that much and likely more when the league decides the time is right to add clubs.
“It is natural at some point that an organization expands,” NBA Commissioner Adam Silver said earlier this month at the All-Star weekend in Salt Lake City.
Advertisement
“The view from our governors has been let’s figure out exactly what the new CBA looks like, let’s figure out what our new media deals look like. Then let’s think about expansion,” Silver said. “So invariably we will. There’s no active discussions in the league office right now, but we’ll turn back to it in a few years.”
AP Basketball Writer Tim Reynolds in Miami and AP Sports Writer Tom Withers in Cleveland contributed to this report.
AP sources: Haslams agree to purchase Lasry’s stake in Bucks
- Advertisment - 
Recent Comments
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on David and Victoria Beckham so ‘Charmed’ by Tom Cruise They Have His Photos on Display at Their Home
on Iowa State starting RB Jirehl Brock among latest college football players charged in gambling probe
on Biden to tout bill’s prescription drug prices, energy provisions in pitch to Americans, aide says
on Iowa State starting RB Jirehl Brock among latest college football players charged in gambling probe
on The Rev. Al Sharpton to lead protest after Florida governor’s ban of African American studies course
on Sports World Hails ‘Superwoman’ Lindsey Vonn for Her Grand Comeback Despite Career-Changing Injury
on San Mateo County Community College District sues five companies over role in ‘pay to play’ scandal
on Saipan, placid island setting for Assange’s last battle, is briefly mobbed – and bemused by the fuss
on ‘Pokémon Scarlet’ and ‘Violet’ Fan Theories Suggest Legendary Time Travel, Alternate Dimension Plot
on Joe Manchin and Tommy Tuberville introduce bill on name, image and likeness rules for college sports
on Inside the Michael Jordan ‘Air’ movie, plus why NFL, others are buying into the sports film industry
on If you’re a frequent traveler, these wrap tops from Aday will revolutionize your on-the-go wardrobe
on How Does Jack Nicklaus Travel? Exploring the Private Jets Owned by the ‘Golden Bear’ Over the Years
on Hollywood Reporter: Tom Cruise negotiated with movie studios over AI before the actors strike began
on Ford Blue Cruise: US regulators investigate fatal crashes involving hands-free driving technology
on Dozens of boats cruise the Seine in a rehearsal for the Paris Olympics’ opening ceremony on July 26
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on David and Victoria Beckham so ‘Charmed’ by Tom Cruise They Have His Photos on Display at Their Home
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on CBS Sports announces Matt Ryan will join NFL studio show. Longtime analysts Simms and Esiason depart
on Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on Boise State vs. Air Force live stream, odds, channel, prediction, how to watch on CBS Sports Network
on Biden to tout bill’s prescription drug prices, energy provisions in pitch to Americans, aide says
on After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on 2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on ‘Best Intention’: Chris Kirk Has Absolute Trust in Jay Monahan and PGA Tour’s Widely Debated Model
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports announces Matt Ryan will join NFL studio show. Longtime analysts Simms and Esiason depart
on Carlos Sainz’s Soccer Fanboy Emerges as Spaniard Shares Defining Moment With This Real Madrid Legend
on Biden: ‘At this point I’m not’ planning to visit East Palestine, Ohio, after toxic train derailment
on ‘Best Intention’: Chris Kirk Has Absolute Trust in Jay Monahan and PGA Tour’s Widely Debated Model
on Ahead of big sports weekend, dispute with Disney leaves millions of cable subscribers in the dark
on A heavy wave of Russian missile attacks pounds areas across Ukraine, killing at least 4 civilians
on 2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on Army vs. Coastal Carolina live stream, how to watch online, CBS Sports Network channel finder, odds
on AL Rookie of the Year Julio Rodriguez Spreads Joy and Sportsmanship to the Youth of Loma de Cabrera
on After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on Dubai International Airport sees 41.6 million passengers in first half of year, more than in 2019
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on Dave Portnoy: Taylor Swift’s security should ‘drag Kim Kardashian to jail’ if she attends Eras Tour
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports, Serie A announce new TV rights deal; Paramount+ to air over 400 Italian soccer matches
on Cam Newton’s Violent Public Incident Draws Hilarious Reaction From 3x All-Star: “Where Do I Sign Up
on Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on Angel Reese Launches Foundation Dedicated To Empowering Women Through Sports & Financial Literacy
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer