The NBA board of governors has approved the ownership share purchase of the Milwaukee Bucks by Dee and Jimmy Haslam from team co-owner Marc Lasry, it was announced Friday.

The Haslams, who own the NFL's Cleveland Browns, had reached an agreement to purchase approximately 25% of the Bucks from Lasry for $3.5 billion on Feb. 27, sources told ESPN.

The Haslams, who built their fortune through the Pilot Flying J truck stop chain, will join Wes Edens and Jamie Dinan as co-owners of the Bucks.

"This ownership group has created a championship organization both on and off the court, a standard that is rare in sports, and we highly respect the team they have built," the Haslams said in a statement released by the team. "We have tremendous appreciation for the impressive history of basketball in Milwaukee and the passionate and loyal fan base."

Edens, who purchased the team with Lasry in 2014, will serve as governor of the Bucks for the next five years, succeeding Lasry in that role.

"On behalf of Jamie and the entire ownership group, I want to welcome Dee, Jimmy and the Haslam family to the Bucks," Edens said in a statement Friday. "The Bucks have a special bond with the people of Milwaukee and throughout Wisconsin, and we're looking forward to working closely with Dee and Jimmy to further build upon our team's success, both on and off the court.

"Their professional sports experience and profound engagement and desire to positively impact communities will provide important contributions to our franchise's long-term success."

The Haslams purchased the Browns from Randy Lerner for a little over $1 billion in 2012, and they bought the Columbus Crew MLS franchise in 2019. They also explored buying the Minnesota Timberwolves in the past.

Lasry bought the Bucks, alongside Edens, for $550 million in 2014 from former longtime U.S. Sen. Herb Kohl. Since then, the Bucks -- behind two-time NBA MVP Giannis Antetokounmpo -- have been one of the NBA's premier franchises, accumulating the fifth-most wins in the league over that span and claiming the 2021 NBA championship -- the franchise's second overall and its first in 50 years.

The Bucks posted the NBA's best regular-season record this year to clinch home-court advantage throughout their playoff run. The Bucks have their first playoff game Sunday at home against either the Miami Heat or Chicago Bulls.

The purchase includes the Bucks, Fiserv Forum, the Bucks' training facility, their NBA G League affiliate and their 2K League affiliate.

ESPN's Tim Bontemps and The Associated Press contributed to this report.