MILWAUKEE -- Cleveland Browns owners Jimmy and Dee Haslam's purchase of Marc Lasry's 25% stake in the Milwaukee Bucks has received approval from the NBA's board of governors.
The approval announced Friday enables the Haslams to join Wes Edens and Jamie Dinan as co-owners of the team. Edens, who purchased the Bucks with Lasry in 2014, will succeed Lasry as the Bucks' governor and will fill that role for the next five years.
"This ownership group has created a championship organization both on and off the court, a standard that is rare in sports, and we highly respect the team they have built," the Haslams said in a statement released by the team. "We have tremendous appreciation for the impressive history of basketball in Milwaukee and the passionate and loyal fan base."
Terms of the deal weren't announced. When the Haslams agreed to purchase Lasry’s stake in the Bucks in late February, reports indicated the deal had valued the team at about $3.5 billion. Lasry's stake represents one-quarter of that figure.
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.
The purchase includes the Bucks, Fiserv Forum, the Bucks' training facility, their NBA G League affiliate and their 2K League affiliate.
Copyright The Associated Press 2023
