Milwaukee Bucks co-owner Marc Lasry has reportedly reached an agreement to sell his stake in ownership to Cleveland Browns owners Jimmy and Dee Haslam for a $3.5 billion valuation, sources with knowledge of the deal confirmed to ESPN on Monday (February 27).
The deal would be the second-highest valuation ever for an NBA team, following the recent record-setting purchase made by Phoenix Suns owner Mat Ishbia, which was completed earlier this month, as well as the third-highest involving a American professional sports team, also following the recent $4.65 billion purchase of the Denver Broncos made by the Walton family last year.
The Haslams' reported purchase is still pending NBA approval and would be the latest example of escalating prices for franchises in recent years. Brooklyn Nets owner Joe Tsai previously held the record for largest NBA team purchase for $2.3 billion spent in 2019, which had topped the prior record of $2.2 billion spent by Tilman Fetitta to buy the Houston Rockets in 2017 and the $2 billion spent by Steve Ballmer when he purchased the Los Angeles Clippers in 2014.
Larsy, alongside fellow New York hedge fund financier Wes Edens, purchased the Bucks from former U.S. Senator Herb Kohl for $500 million in 2014, one year after the team drafted eventual two-time NBA MVP Giannis Antetokounmpo and seven years prior to their 2021 NBA championship.