What To Know About New Milwaukee Bucks Co-Owner After Second-Biggest Sale In NBA History

The Milwaukee Bucks are joining the Phoenix Suns and NFL franchise Denver Broncos on the boat of having new owners as co-owner Marc Lasry has reportedly agreed to sell his ownership stake in the team at a valuation of $3.5 billion to Jimmy Haslam according to sources.

Same sources note that while the deal is still pending league approval, Haslam will have about "25 percent of the team" and will make it the second-highest acquisition in the NBA's long history, with Matt Ishbia's $4 billion purchase of the Phoenix Suns being at the forefront.

For context, the previous NBA record was set in 2019 after Alibaba co-founder and vice chairman Joe Tsai purchased the Brooklyn Nets for $2.3 billion which eclipsed the 2017 Houston Rockets acquisition by Tilman Fertitta for $2.2 billion and Steve Ballmer shelling out $2 billion for the Los Angeles Clippers in 2014.

With some Bucks fans wondering what this could mean for their team, below is a quick profile of the man valued by Forbes to be worth $4.8 billion.

Haslam was ranked no. 202 on the 2022 Forbes 400 List of Richest Americans, behind San Francisco 49ers owner Denise York and her family (196th), Steve Bisciotti of the Baltimore Ravens (143rd) and Kroenke Sports & Entertainment owner Stan Kroenke (48th).

With regards to other NBA franchise owners, Haslam is ahead of New Orleans Pelicans owner Gayle Benson (224th), Dallas Mavericks owner Mark Cuban (227th), the aforementioned Ishbia (234th) and Herb Simon of the Indiana Pacers (343rd).

Haslam, 68, built his current empire off the groundwork laid by his father Jim Haslam of the Pilot Oil Corporation and subsequently went on to become the chairman of the board of truck stop chain Pilot Flying J.

This allowed him to buy a minority interest in the Pittsburgh Steelers in 2008 and went on to buy the Cleveland Brown from then-owner Randy Lerner for $1 billion four years later.

But since the NFL does not allow ownership of multiple teams, Haslam decided to sell his stake in the Steelers and go all in on the Browns which was unanimously approved by all 32 teams in the NFL on October 12, 2012.

In 2018, he also went on to purchase Major League Soccer (MLS) club Columbus Crew from Anthony Precourt who had previously wanted to move the team to Austin, Texas.

The Crew went on to win the MLS Cup 2020 which gave Haslam his first major sports title as an owner.

The Bucks have enjoyed success under the guiding hands of co-owners Lasry, Wes Edens, Jamie Dinan and Mike Fascitelli, who found their way to the top of the NBA landscape after an inspiring NBA Finals run in 2021 that brought them their second-ever title.

Currently, the Bucks is jockeying for the No.1 spot in the Eastern Conference with the Boston Celtics as the two franchises are virtually tied with a record of 43-17 and 44-17 respectively.

Hopes are high that Haslam's arrival will help bolster the financial side of things as Milwaukee is looking at an important offseason with key stars Khris Middleton and Brook Lopez set to hit free agency, the former having a player option, and Jrue Holiday in the summer of 2024.

The Bucks are eyeing a decade's worth of NBA title contention powered by the broad shoulders of Finals MVP Giannis Antetokounmpo and Haslam helping shoulder the financial load is going to be an integral piece to the puzzle.