Marc Lasry, the co-owner of the Milwaukee Bucks, has decided to sell his stake in the Eastern Conference team. Lasry sold his stake to Jimmy Haslam, who also owns the Cleveland Browns in the NFL.
Haslam is a 68-year-old billionaire who has been involved in professional sports for a long time. Along with owning the Browns, it also owns one of the most successful basketball teams in the world.
Marc Lasry’s net worth will increase significantly from the sale. He is currently a billionaire, but will most likely more than double his net worth after selling the Bucks.
Marc Lasry’s Net Worth After Milwaukee Bucks Sale
Marc Lasry’s net worth was estimated at $1.8 billion before he agreed to sell the Eastern Conference team. However, he will likely skyrocket once he closes the sale.
Lasry has agreed to sell his stake in the Milwaukee Bucks to Haslam for $3.5 billion. It’s the second-biggest sale by an NBA team, following Mat Ishbia’s $4 billion purchase of the Phoenix Suns.
The $3.5 billion mark is also the third highest for a professional sports team in North America. Besides the Suns, the Denver Broncos sold for $4.65 million in 2022.
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Marc Lasry is best known for founding Avenue Capital Group in 1995. He was born in Morocco, but moved to the United States when he was 7 years old and became one of the most successful businessmen in the world. country.
Lasry’s net worth has increased significantly since his acquisition from the Milwaukee Bucks. The Moroccan-born businessman bought the Eastern Conference team in 2014 for $550 million.
In less than a decade, the Bucks have become one of the best teams in the NBA, winning a championship in 2021. Because of this, the value of the team has skyrocketed and Lasry’s participation is now worth billions. .
The personal life and education of Marc Lasry
After moving to the United States, Lasry lived in West Hartford, Connecticut. He eventually attended Clark University in Worcester, Massachusetts, earning his Bachelor of Arts in History. Lasry also earned a Juris Doctor degree from New York Law School.
The businessman is married to Cathy Cohen and the two have five children. They did a lot of philanthropic work and invested a lot of money in education.
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Lasry’s sale of the Milwaukee Bucks is expected to be finalized in a few months. New owner Jimmy Haslam may be able to take control of the team during the playoffs.