Reports: Cleveland Browns owner buying ownership stake in the Milwaukee Bucks

 

MILWAUKEE (CBS 58) - One of the majority owners of the Milwaukee Bucks has reportedly agreed to sell his share of the NBA franchise, according to multiple sources.

Shams Charania of The Athletic, as well as Tim Bontemps of ESPN, reported on Monday, Feb. 27 that Cleveland Browns owner Jimmy and Dee Haslam and Haslam Sports Group are set to buy Marc Lasry's ownership stake in the Bucks. The Haslams also own the MLS' Columbus Crew.

The deal is reportedly based on a valuation for the team at $3.5 billion meaning the Haslams likely paid a little less than $1 billion for their share though details have not been released. The new co-owners now need to be vetted by the NBA before a vote will approve or reject the sale.

Lasry and Wes Edens originally bought the Bucks from Herb Kohl for $550 million in 2014. There are no reports of Edens looking to sell his stake of the team.

Stay with CBS 58 for more information as it becomes available.