Giannis Decision Looms as Bucks’ Rotating Ownership Weighs Extension or Trade
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WEST PALM BEACH, Fla. – Milwaukee Bucks co-owners Wes Edens and Jimmy Haslam say the franchise will face a clear fork in the road on Oct. 1: either Giannis Antetokounmpo signs a four-year, $275 million extension or the two-time MVP will be moved before his contract expires next season.
“Giannis is going into the last year of his deal,” Edens told ESPN during a 90-minute joint interview with Haslam. “Either he will be extended or he’ll be traded. We can’t afford to let him walk for nothing.”
Uncertain Chain of Command
Executives across the league are skeptical that the choice is that straightforward. Interviews with more than a dozen team and league sources describe widespread confusion about who truly steers high-level decisions inside an ownership structure that rotates the governing seat every five years.
Edens controls the team until April 2028, after which Haslam — who also owns the NFL’s Cleveland Browns and MLS’s Columbus Crew — becomes governor. Any major move requires agreement among Edens, Haslam and minority partner Jamie Dinan, creating what one rival executive called “a moving target” for trade talks.
Multiple front-office officials said Haslam, whose 25 percent stake was purchased from Marc Lasry in 2023, has already taken a prominent role. One owner confirmed negotiating directly with Haslam rather than Edens ahead of February’s deadline, while other clubs noted that general manager Jon Horst fielded calls but indicated ultimate authority rested with Haslam.
Trade Deadline Standoff
The Bucks, 11th in the Eastern Conference after three consecutive first-round exits, listened to substantive offers for Antetokounmpo for the first time this winter. League sources said Milwaukee’s asking price was “enormous,” involving every available first-round pick plus prized young players. Golden State, for example, offered four unprotected firsts, but talks never advanced.
Milwaukee targeted foundational prospects such as Philadelphia’s VJ Edgecombe or Cleveland’s Evan Mobley, according to executives involved. Ultimately, the organization declined to act, opting to reassess in the offseason.
Giannis’ Stance
Publicly, Antetokounmpo has maintained that he is “committed” to the Bucks, yet friends and league insiders believe he wants to contend immediately. The 31-year-old has battled leg injuries, missing 32 games this season, and recently clashed with the club over whether he should be shut down after another setback.
Several marquee franchises — including the Lakers, Clippers, Heat and Warriors — are known to be clearing cap space for 2027, when Antetokounmpo can reach free agency if he declines Milwaukee’s extension.
Rotating Ownership’s Turbulent Past
The Bucks adopted their unusual governance model when Edens, Dinan and Lasry bought the team for $550 million in 2014. Cooperation frayed in 2017 when Edens elevated Horst to general manager over Lasry’s preferred candidates, a rift that lingered until Lasry sold his shares. Edens declined a chance to buy Lasry out, opening the door for Haslam’s purchase.
Haslam’s influence grew further in January when long-time president Peter Feigin departed and was replaced by Josh Glessing, an executive from Haslam Sports Group. Internally, staffers view the move as a signal that Haslam will dominate once his term as governor begins in 2028.
High-Risk Gambles Around Lillard
Edens and Haslam have already collaborated on two aggressive swings built around Damian Lillard. In September 2023, the Bucks shipped out defensive anchor Jrue Holiday to acquire Lillard, hoping to lengthen their championship window. When Lillard ruptured his Achilles last April, Milwaukee waived and stretched the remaining $113 million on his contract to open space for free-agent center Myles Turner, who signed a four-year, $107 million deal.
The maneuver saddled the club with $22.5 million in dead money annually for five years, and Turner has underperformed. Meanwhile, Holiday won a title with Boston, and the Bucks have slipped in the standings.
Financial Pressures on Edens
Edens has a history of profiting from distressed assets, but recent setbacks have been costly. Forbes estimates his net worth fell 40 percent, to $2.5 billion, after his liquefied natural gas company, New Fortress Energy, saw its share price drop nearly 99 percent. On Tuesday, the firm restructured about $5.7 billion in debt to remain afloat.
What Comes Next
Inside and outside the organization, opinions diverge on the best course. Some executives argue Milwaukee should seek a blockbuster package of picks and young talent this summer, citing Antetokounmpo’s age and injury history. Others believe ownership will place a maximum extension on the table in October and challenge their superstar to refuse it.
Until then, rival teams remain unsure who will cast the deciding vote — and whether the Bucks are ready to part with the face of their franchise.
Source: ESPN.com
