Milwaukee Bucks star Giannis Antetokounmpo.Jon Durr/AP Pictures
The Haslam family members will finalize getting a stake in the Milwaukee Bucks on Friday, according to Bloomberg.
They are swapping fuel pumps for courtside seats right after promoting their gas station company to Warren Buffett.
They are poised to personal 25% of the Bucks in a deal that values the NBA franchise at about $three.five billion.
Jimmy and Dee Haslam are swapping fuel pumps for courtside seats.
Fresh from promoting their gas station company to Warren Buffett’s Berkshire Hathaway in January, they will finalize getting a minority stake in the Milwaukee Bucks on Friday, according to a Bloomberg report that cited folks familiar with the matter.
The Haslams agreed to acquire billionaire investor Marc Lasry’s 25% stake in the Bucks in a deal that values the NBA franchise at $three.five billion back in February, per a preceding Bloomberg report.
The family members, which also owns the NFL’s Cleveland Browns and the MLS franchise the Columbus Crew, not too long ago handed majority ownership of the Pilot Travel Centers truck quit chain to Berkshire.
Berkshire bought 38.six% of Pilot in 2017, and acquired an additional 41.four% of the company for about $eight billion in January, boosting its general stake to 80%. The Haslam family members retains handle of Pilot’s day-to-day operations.
A $three.five billion valuation would make the Bucks the NBA’s sixth-most precious franchise behind the New York Knicks, Golden State Warriors, Los Angeles Lakers, Chicago Bulls, and Boston Celtics, according to Forbes’ annual ranking of the world’s most precious sports teams.
Lasry and his team’s greatest star, two-time NBA MVP Giannis Antetokounmpo, hit headlines earlier this month right after the failure of Silicon Valley Bank. That collapse sparked debate about the Federal Deposit Insurance coverage Corporation’s cap on insurance coverage, set at $250,000 for each and every depositor at any a single bank.
When Antetokounmpo very first arrived in the US from Greece a decade ago and discovered of the limit, the then-18-year-old opened accounts at half-a-dozen banks to make sure his revenue was secure – just before Lasry told him to invest in US Treasurys and other assets as an alternative.
Study additional: NBA star Giannis Antetokounmpo spread his revenue across half a dozen bank accounts as a rookie for the reason that of the FDIC’s $250,000 limit. Billionaire group owner Marc Lasry told him to invest as an alternative.
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