Report: Browns owner Haslam agrees to buy Bucks stake at $3.5B valuation

Marc Lasry, the co-owner of the Milwaukee Bucks, agreed to sell his 25% ownership stake to Cleveland Browns owners Jimmy Haslam and wife Dee Haslam in a deal that values the entire franchise at $3.5 billion, a source told The Associated Press' Steve Megargee.

At $3.5 billion, it's the second-highest sale valuation ever of an NBA franchise, trailing only Mat Ishbia's complete $4-billion takeover of the Phoenix Suns in December, according to ESPN's Tim Bontemps. The Denver Broncos, who sold for $4.65 billion to Walmart heir Rob Walton last summer, remain the record-holder among professional North American sports franchises.

Haslam, 68, reportedly entered into talks to buy the Bucks earlier this month after Ishbia's purchase of the Suns was approved by the NBA. He's set to join Milwaukee's current ownership group, which still features co-owner Wes Edens. Edens, along with Lasry, purchased the Bucks in 2014 from Herb Kohl for $550 million.

Haslam bought the Browns from Randy Lerner for $1 billion in 2012. He previously held a minority interest in the Pittsburgh Steelers, which he had to sell before purchasing a stake in Cleveland. He has also owned the Columbus Crew of the MLS since 2019.