Topline
Marc Lasry, the billionaire co-owner of the Milwaukee Bucks, sold his stake in the NBA team to the billionaire Haslam family, several outlets reported Monday morning, at a valuation that’s among the richest in American team sports history.
Marc Lasry, center, celebrates the Bucks’ 2021 NBA title.
Key Facts
Lasry owned roughly 25% of the team, according to Sportico, and fellow billionaire investors Wesley Edens and James Dinan retained their stakes in the Bucks.
The deal valued the Bucks at $3.5 billion, according to ESPN, the Athletic and Sportico, far richer than Forbes’ most recent estimated valuation of the team at $2.3 billion, as billionaires increasingly shell out for sports teams.
That’s the third-highest valuation for an American sports team ever, trailing only the $4.65 billion shelled out for the NFL’s Denver Broncos last year and the $4 billion paid for a majority stake in the NBA’s Phoenix Suns earlier this year.
The Haslam family is best known for owning the NFL’s Cleveland Browns.
Forbes Valuations
Jimmy Haslam, the patriarch of the Haslam family who built their fortune via its truck stop chain Pilot, is the 563rd-wealthiest person in the world with a $4.8 billion fortune. Lasry, the cofounder and CEO of the Avenue Capital Group investment firm, is worth $1.8 billion according to our latest calculations. Edens and Dinan are worth $4.3 billion and $1.9 billion, respectively.
Big Number
More than 500%. That’s Lasry’s presumed return on his investment in the Bucks before taxes. Assuming his stake in the team was in fact 25%, Lasry purchased his stake in 2014 for roughly $138 million and sold it off to the Haslams for $875 million.
Crucial Quote
“The driver is scarcity. More people want to own a team than can,” Lasry said about what’s behind NBA team’s exploding valuations in a July 2022 interview with Forbes’ Mike Ozanian.
Further Reading
Billionaire Ishbia Brothers Buying Phoenix Suns For An NBA-Record $4 Billion (Forbes)
What’s Behind the Exploding Prices of Pro Sports Franchises? (The Ringer)
Source: https://www.forbes.com/sites/dereksaul/2023/02/27/billionaire-lasry-reportedly-sells-stake-in-nbas-bucks-to-haslam/