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Marc Lasry, the co-owner of the Milwaukee Bucks, has decided to sell his stake in the Eastern Conference team. Lasry sold his ownership stake to Jimmy Haslam, who also owns the Cleveland Browns in the NFL.
Haslam is a 68-year-old billionaire who's been involved in professional sports for a long time. Besides owning the Browns, he now also owns one of the most successful basketball teams in the world.
Marc Lasry's net worth will drastically increase 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 the sale of the Milwaukee Bucks
Marc Lasry's net worth was estimated at $1.8 billion before he agreed to sell the Eastern Conference team. However, it will most likely skyrocket once he completes the sale.
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Lasry agreed to sell his ownership stake of the Milwaukee Bucks to Haslam for $3.5 billion. This is the second-largest sale of an NBA team, trailing only Mat Ishbia's purchase of the Phoenix Suns, which was worth $4 billion.
The $3.5 billion mark is also the third-largest for a professional sports team from 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 he moved to the United States at the age of 7 and has become one of the most successful businessmen in the country.
Lasry's net worth has drastically increased since his acquisition of the Milwaukee Bucks. The Morocco-born businessman purchased the Eastern Conference team in 2014 for $550 million.
In less than a decade, the Bucks have become one of the best NBA teams, winning a championship in 2021. Due to this, the value of the team has skyrocketed and Lasry's ownership stake is now worth billions.
Marc Lasry's personal life and education
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 degree 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've done a lot of philantropic work and have invested a lot of money in education.
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Lasry's sale of the Milwaukee Bucks is expected to be completed in a couple of months. New owner Jimmy Haslam may be able to take control of the team during the playoffs.
