Lasry Said to Sell Bucks Stake, Valuing Team at $3.5 Billion (1)

Billionaire investor Marc Lasry has reached a deal to sell his stake in the Milwaukee Bucks to Jimmy and Dee Haslam, owners of the National Football League’s Cleveland Browns, according to a person familiar with the matter.

The sale of Lasry’s 25% stake, which is still pending approval by the National Basketball Association and its owners, values the team at about $3.5 billion, said the person, asking not to be identified because the discussions are private.

In 2014, Lasry — chairman and chief executive officer of Avenue Capital Group — acquired the Bucks with Fortress Investment Group Co-CEO ...