THE HIGH-SPEED TRAINS that traverse the Brightline station in West Palm Beach move north and south between Orlando and Miami, producing a rumble that reverberates through the conference room on the second floor.
It is at this junction in South Florida that the two individuals with the ultimate authority over one of the most significant narratives in the NBA have gathered to deliberate on the future of their franchise’s star, Giannis Antetokounmpo.
Milwaukee Bucks co-owners Wes Edens and Jimmy Haslam informed ESPN during a joint 90-minute discussion that they will jointly determine the course of action regarding their two-time MVP, with the primary consideration being whether Antetokounmpo will sign the four-year, $275 million extension he can receive starting Oct. 1.
“Giannis is entering the final year [of his contract],” stated Edens, the team’s controlling owner until April 2028. “So one of two outcomes will occur: He will either be extended or he will be traded.”
“The probability of allowing him to simply play out the last year is not feasible. It does not align with what is beneficial for the organization. This is not a Giannis-specific issue; it applies to any player in their final year.”
However, sources within the team, rival executives, and league insiders express skepticism about the simplicity of the situation. Conversations with over a dozen individuals familiar with the circumstances indicate that what is unfolding in Milwaukee transcends the usual challenges faced by an NBA franchise in maintaining a competitive roster: An atypical ownership structure has complicated the identification of who is truly in charge of the team.
“This is not about Giannis and whether he requests a trade,” remarked one source familiar with the team’s operations. “It’s about determining who is responsible for the decision regarding a potential trade of Giannis, and I don’t believe anyone has clarity on that. My interactions with them vary daily.”
“They are not remotely prepared to make such a decision.”
ANTETOKOUNMPO HAS FOR years publicly expressed his desire to remain in Milwaukee, but only if the team is competitive for championships. Almost every NBA franchise is awaiting Antetokounmpo’s decision when those conditions become mutually exclusive.
This season, they are nearly out of playoff contention entirely, following three consecutive first-round playoff exits.
It is a dilemma significant enough, and intriguing enough, that his future remains one of the most captivating hypotheticals in basketball.
“It’s no coincidence that teams like the Lakers, Clippers, Heat, and Warriors are all positioning themselves for cap space in 2027 when Giannis could enter free agency,” an NBA executive told ESPN. “A player of Giannis’ caliber can shift the balance of power in the league for years.”
“What remains uncertain is whether they will genuinely trade him before he reaches free agency — and how that decision is being made.”
For nearly five years, the NBA has scrutinized Antetokounmpo’s statements to determine if he would publicly demand what ESPN’s Shams Charania has reported on multiple occasions: that the 10-time All-Star has privately communicated to the Bucks for months that he believes it is time to part ways after over 12 years together.
This was the primary topic during this winter’s trade deadline as the Bucks considered significant trade offers for their 31-year-old superstar for the first time. This issue will persist into the offseason, as the Bucks have remained the 11th seed in the East despite Antetokounmpo’s return on March 2 from a calf injury that sidelined him for 15 games. Additionally, there is now tension regarding whether to shut down Antetokounmpo for the remainder of the season following his latest injury.
“As of today, I’m a Milwaukee Buck and I’m committed to that,” Antetokounmpo stated in mid-February. “However, what happens if circumstances change in the future? That change is beyond my control.”
Edens’ assertion that either he signs or he departs implies the opposite — that the decision rests solely with Antetokounmpo.
Until then, the team must address its franchise player’s demand: Construct a team worthy of my extension here or find me a new destination.
THE CONFUSION OVER who is responsible for decision-making in Milwaukee arises from the Bucks’ unique ownership structure. Every five years, the controlling governorship rotates among partners.
This arrangement has previously led to organizational turmoil and conflicting agendas among the partners and could potentially do so again.
For the next two years, Edens is the controlling owner. Following that, Haslam, who owns the NFL’s Cleveland Browns and MLS’ Columbus Crew, will take over the controlling role. All significant decisions necessitate consensus among the two rotating controlling owners and the third-largest shareholder, businessman Jamie Dinan.
Edens and Haslam conveyed to ESPN that this arrangement has functioned effectively since Haslam acquired a 25% stake in the team from Marc Lasry in 2023.
“The partnership with Jimmy is exceptionally positive,” Edens remarked. “This is crucial because … given the season we’ve just experienced and the challenges ahead, we will need to make some tough decisions, and it’s beneficial to do so with someone you genuinely like and trust.”
As Edens’ tenure as controlling owner approaches its end, however, there are strong indications that Haslam’s influence within the organization is increasing.
In late January, the Bucks announced that president Peter Feigin would be stepping down after 12 years, passing the leadership to Josh Glessing, who is affiliated with the Haslam Sports Group and has previously managed the Crew.
By all accounts, this transition was amicable. However, for those in Milwaukee, the decision to replace Feigin, 56, a well-regarded figure who received a key to the city from Mayor Cavalier Johnson on Jan. 29, signified a notable shift in power from Edens to Haslam.
“As time progresses, Jimmy’s influence will continue to grow,” stated a source close to the team. “And in the long run, it will ultimately be his, so he won’t allow the individual currently holding controlling ownership to dictate its direction.”
Those who have engaged with the Bucks, including teams that inquired about Antetokounmpo prior to the trade deadline, informed ESPN that Haslam was more involved in decision-making than previously. One team owner even negotiated directly with Haslam rather than Edens regarding a potential deal for Antetokounmpo, multiple sources familiar with the discussions revealed to ESPN.
“We primarily interacted with [GM Jon] Horst,” an executive from one of the teams that engaged heavily with the Bucks stated to ESPN. “However, our impression was that Jimmy was really the one making the decisions.”
Another executive from a different team that discussed a trade for Antetokounmpo remarked, “There were evidently multiple owners involved, but it was apparent that internally, Jimmy is taking more control.”
For the executives from that second team, it was evident that the Bucks were not inclined to trade Antetokounmpo during the season.
“There is no doubt they did not want to move him,” the executive stated. “Because at no point in our discussions did they indicate, ‘We will do it if you meet this condition.’
Numerous sources across the league indicated that the Bucks’ asking price was substantial, with an executive from a third team describing the Bucks’ approach as “gauging the market” and their price as “all our draft picks and valuable young players.”
The Golden State Warriors’ offer reportedly included four unprotected first-round picks in pursuit of Antetokounmpo, sources indicated, but it never seemed to gain significant traction.
The players the Bucks appeared interested in were younger foundational pieces such as VJ Edgecombe of the Philadelphia 76ers or Evan Mobley of the Cleveland Cavaliers, sources noted.
Edens and Haslam strongly deny the notion that there is any confusion or disconnect between them, emphasizing that they communicate daily regarding Antetokounmpo’s situation and other team matters and have consistently reached consensus.
“It has been very, very, very straightforward because we are completely aligned on this entire issue,” Edens stated. “If we are going to take any action, it is a serious decision, and we will approach it with the seriousness it deserves. We also seek the best advice we can on the player side from Jon Horst.”
Nonetheless, uncertainties persist among other NBA owners and Bucks minority shareholders who spoke to ESPN due to the deterioration of the previous partnership between Edens and Lasry.
THE ORIGINAL OWNERSHIP structure was established when Edens, Dinan, and Lasry acquired the team for $550 million in 2014. It functioned effectively for the initial years while Edens held the controlling stake but began to unravel in 2017 when Edens and Lasry disagreed over the selection of John Hammond’s successor as general manager.
Ultimately, Edens promoted Horst to the position after an external search had focused on two other finalists, then-assistant GM Justin Zanik and Arturas Karnisovas, who was later promoted by the Denver Nuggets (and is now the GM of the Chicago Bulls).
The partnership between Edens and Lasry fractured following that, according to sources within the organization, but remained intact throughout the NBA championship season in 2021 and until Lasry sold his shares in the team to Haslam in 2023.
There was a possibility of ending the unusual rotating ownership structure when Lasry sold, sources indicated. Lasry offered Edens the opportunity to purchase his shares, but Edens did not pursue it. Eventually, one of Edens’ top aides, Sarah Watterson, connected with Glessing, one of Haslam’s key associates, and the transaction was finalized in April 2023. Lasry departed with one year remaining on his five-year term as governor.
“I was aware their relationship was strained,” one team source remarked. “But I did not realize the extent until I observed them at Giannis’ wedding [in 2024] and they avoided each other.”
While the partnership between Haslam and Edens seems to be more stable, the complex ownership structure — and the potential for similar discord — remains.
SO FAR, THE most significant moves the new partnership has made together have both revolved around bold actions concerning Damian Lillard. In September 2023, the Bucks traded Jrue Holiday, a crucial player on their championship-winning team, for Lillard in an effort to extend their title window with Antetokounmpo.
Although this move was praised for its audacity and potential at the time, it not only failed to yield the desired results but also depleted the team’s assets as the pressure mounted to succeed with Antetokounmpo in his prime. To compound matters, Holiday ended up winning a title with the Bucks’ Eastern Conference rival, the Boston Celtics, the following season.
Subsequently, sources informed ESPN that Antetokounmpo confided in Holiday about how much he and the Bucks missed Holiday’s defensive skills and leadership.
After Lillard tore his Achilles tendon last April, Milwaukee exacerbated the initial investment by stretching the two years, $113 million remaining on Lillard’s contract this past summer to sign free agent center Myles Turner to a four-year, $107 million deal. This effectively meant the Bucks would incur $22.5 million in dead money on their books for the next five years — an additional liability they deemed worthwhile if it preserved their opportunity to win with Antetokounmpo.
“Once we spoke with Giannis in June and he reaffirmed his desire to remain here, we began working on building the team around him,” Edens stated at Bucks media day in September. “Rather than being a $120 million decision, it becomes more of a $60 million decision. That is still a substantial amount, but when spread over five years, it becomes a much more manageable figure.”
“Thus, while it appears to be a significant commitment, we had already effectively allocated the funds. You are committed to it, and with a player of Damian’s caliber who will not be playing, that creates a considerable void. So while it may seem like a very committed move, and it is indeed committed, it is also a rational decision that we contemplated thoroughly.”
Those familiar with Edens’ business background note that he has built a fortune under similar circumstances.
Following the 2008 financial crisis, Edens and Fortress Investment Group generated billions by acquiring distressed subprime mortgages and holding them until the housing market rebounded, enduring a challenging period when Fortress’ stock price fell below $1.
In 2015, The Wall Street Journal referred to him as “The New King of Subprime Lending” as his $124 million investment transformed into $3.5 billion. In that article, Edens described the turnaround of Springleaf Holdings, Inc., a company specializing in personal loans for individuals with subprime credit scores, as “the biggest home run” of his career.
On Tuesday, Edens’ company New Fortress Energy, with a market cap of $261 million, announced a deal with its creditors to restructure approximately $5.7 billion in debt to enable continued operations after the company experienced a nearly 99% drop in share price over the past year and faced significant credit downgrades last fall.
New Fortress Energy is a liquefied natural gas company Edens has owned since 2014. Its share price has plummeted amid construction delays, regulatory challenges, and a liquidity crisis, falling from a high of $63.06 on Aug. 25, 2022, to $0.87 on Thursday, resulting in billions in lost shareholder value for Edens.
Forbes estimates that Edens’ net worth has decreased by 40%, from $4.3 billion in 2023 to $2.5 billion in 2025.
BRINGING ANTETOKOUNMPO BACK into the fold and providing the Bucks with another opportunity for title contention may qualify as an even greater comeback.
Thus far, the Bucks’ strategy of waiving and stretching Lillard to sign Turner has not yielded positive results. Antetokounmpo has missed 32 games due to various injuries, Turner has not made a significant impact, and the Bucks have struggled to achieve any consistency. Following a season like this, multiple league executives argued that the Bucks’ optimal strategy would be to trade Antetokounmpo for a collection of draft picks and promising young players rather than doubling down on this season’s unsuccessful experiment and offering him a substantial extension.
“He remains a game changer, but he’s 31 with a history of leg injuries,” a rival executive stated. “And now you’d essentially be trading for a player on an expiring contract, so I’m uncertain whether the offers they receive this summer will surpass what they have already been offered.”
However, by retaining Antetokounmpo at the trade deadline, the Bucks have once again gained time to reorganize and possibly mend the relationship with their franchise icon.
Instead of seeking to trade Antetokounmpo this summer, the Bucks might aim to acquire new players — likely other teams’ distressed assets — in hopes of persuading Antetokounmpo to accept the extension they can present to him in October.
“There is still another opportunity,” remarked a source close to the organization. “Present a maximum contract extension to Giannis — and challenge him to decline it.”
