Cleveland Browns owner Jimmy Haslam makes major financial decision, set to own minority stake in Milwaukee Bucks at $3.5BN valuation
Cleveland Browns owner Jimmy Haslam is expanding his empire. The chairman of Pilot Flying J (a truck stop company) has owned the Browns for almost 11 years. Now, he's moving into a new sport.
Per reports, the Milwaukee Bucks are being sold. Co-owner Marc Lasry has agreed to sell his stake and Haslam will purchase it.
Milwaukee Bucks co-owner Marc Lasry has an agreement to sell his stake in the Bucks to American businessman and Cleveland Browns owner Jimmy Haslam and Haslam Sports Group for a $3.5 billion valuation, sources tell me and @eric_nehm.
Shams Charania, known for sending out breaking NBA news in a matter of seconds, tweeted:
"Milwaukee Bucks co-owner Marc Lasry has an agreement to sell his stake in the Bucks to American businessman and Cleveland Browns owner Jimmy Haslam and Haslam Sports Group for a $3.5 billion valuation, sources tell me."
Haslam has grown his net worth as a result of owning the Browns and is now moving into ownership with the Bucks, at least at a partial stake. The owner is going to spend over $3 billion to do so.
Interestingly enough, in 2012 when Haslam initially bought the Cleveland Browns, he spent $990 million on them. Now, he's spending a significantly higher amount on the Bucks, but as a co-owner.
How much are the Cleveland Browns worth in 2023?
As mentioned, Jimmy Haslam didn't pay all that much for the Cleveland Browns back in 2012. However, the team's value has only gone up since then.
In 2022, the franchise was valuated at $3.85 billion. Haslam clearly has plenty of money if he can spend almost the entire worth of one franchise on a co-ownership stake in another in an entirely different sport.
Nevertheless, the Browns have become an incredibly valuable team despite a relative lack of success. They are worth more than the Indianapolis Colts, Kansas City Chiefs, Tampa Bay Buccaneers, Carolina Panthers, Buffalo Bills and Arizona Cardinals, among other teams.
How much is Jimmy Haslam's net worth?
Jimmy Haslam, thanks to his ownership of the Browns, has seen his own net worth skyrocket. He is currently worth about $4.8 billion.
That will likely only increase as his new team, the Milwaukee Bucks, are one of the NBA's best and most-watched teams.