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New Milwaukee Bucks owner will have to divest Brooklyn Nets stock

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Milwaukee Bucks

New York investor Marc Lasry, who with Wesley Edens agreed to pay $550 million for the Milwaukee Bucks, will be divesting his long-time financial interest in the Brooklyn Nets,.according to reports. The NBA does not permit owners to have pieces in more than one team.

Lasry, who has an estimated net worth of $1.7 billion, owns roughly three percent of Nets Sports and Entertainment, the Bruce Ratner entity that owns 20 percent of the Nets (as well as 55 percent of the arena).  He invested about $10 million in the team, according to a fellow investor. He goes back to the original group of Nets investors that Ratner put together to buy the Nets a decade ago.  His fellow investor also reports that he actually "up-sized" his position in the Nets as others sold out when the team moved from New Jersey to Brooklyn.

Lasry will have to agree to divest himself of the Nets stock before the NBA will approve his ownership interest in the Bucks.