Marc Lasry has reached a deal to sell his roughly 25% stake in the Milwaukee Bucks to Jimmy and Dee Haslam, managing partners of the Haslam Sports Group, at a valuation of $3.5 billion, according to a person familiar with the matter.
Representatives for both Lasry and the Haslams declined to comment on the deal.
The Athletic first reported on Lasry’s and the Haslams’ deal. Sportico broke the news earlier this month that the Haslams were in advanced talks with Lasry to acquire his stake.
Lasry isn’t getting out of sports, according to the person, and he will likely seek other investments in the sports area.
Lasry and Wes Edens led a group that purchased the Bucks in 2014 for $550 million, at the time a record for an NBA franchise in a control transaction. Buoyed by new media deals and growth in global popularity, NBA team values has soared since then. The Bucks are currently worth $2.43 billion, according to Sportico’s numbers, which ranks 15th in the league and 56th among all U.S. sports teams.