Haslam Completes Purchase Of Lasry’s Stake In Bucks

1:34pm: In a press release formally announcing the sale of Lasry’s stake to Haslam, the Bucks clarified that Edens will be the team’s governor for the next five years.

10:24am: The Haslam Sports Group has closed its purchase of Lasry’s stake in the Bucks, a source with knowledge of the situation tells Eben Novy-Williams of Sportico (subscription required). That source says the deal values the Bucks at closer to $3.2 billion than the previously reported $3.5 billion figure.

10:17am: Jimmy Haslam, Dee Haslam, and their Haslam Sports Group will officially become part of the Bucks‘ ownership group on Friday, according to Shams Charania and Eric Nehm of The Athletic, who report that the Haslams are set to complete his purchase of Marc Lasry‘s stake in the franchise.

Lasry agreed in February to sell his share of the team at a $3.5 billion valuation to the Haslams, who are also the controlling owners of the Cleveland Browns (NFL) and the Columbus Crew (MLS). Lasry reportedly owned about 25% of the Bucks, which would put the Haslams’ investment in the range of $875MM.

Scott Soshnick of Sportico reported (via Twitter) a couple weeks ago that the sale agreement had been approved by the NBA’s Board of Governors.

Prior to cashing out, Lasry shared the Bucks’ controlling owner responsibilities with Wes Edens. When they bought the franchise in 2014, they agreed to serve alternating five-year terms as the primary governor — Edens assumed that role from 2014-19 and Lasry took it over in 2019. Speaking at the NFL owners’ meetings in Arizona last month, Jimmy Haslam stated that Edens would reclaim that role while Haslam learns the ropes of NBA ownership.

The Haslams’ purchase of Lasry’s stake in the Bucks won’t have the same sort of immediate impact that Mat Ishbia‘s purchase of the Suns did in February. Ishbia signed off on a trade for Kevin Durant within days of taking control of the team, but if Milwaukee enjoys a deep playoff run, it will still be at least a month or two before the club is even permitted to make its next roster move.

Still, as Nehm observes in The Athletic’s report, it will be interesting to see what sort of effect – if any – the new co-owner’s involvement has on the Bucks’ financial and personnel decisions this summer and beyond. The ownership group has become increasingly willing in recent years to pay sizable luxury tax bills with the Bucks in perennial contention for championships.

Next year’s tax bill could be the team’s biggest yet if key free agents like Brook Lopez, Jae Crowder, and Joe Ingles are retained. Khris Middleton and Jevon Carter also hold player options for 2023/24.