September 15, 2024
The former Milwaukee Bucks player is set to purchase 15% of the team.
In a full circle moment, former Milwaukee Bucks swingman Junior Bridgeman is reportedly close to purchasing a 15% stake in the franchise he played for during much of his NBA career.
According to the Louisville Courier-Journal, the 70-year-old Bridgeman, whose number two jersey was retired by the Bucks, will be receiving a preferred limited-partner discount, which entitles him to a 15% stake in the organization.
According to CNBC, Bridgeman currently owns Jet and Ebony magazines. The deal indicates that the Milwaukee Bucks, a small market NBA franchise, are worth $4 billion. According to their sources, the NBA was expected to notify owners of the sale in a memo on Sept.12.
Bridgeman has created a net worth of over $600 million mostly through his success with various businesses including fast-food restaurants and operating a Coca-Cola bottling distributor. Neither the Milwaukee Bucks nor Bridgeman himself offered any comment on the sale to CNBC.
Although the team finished third in the Eastern Conference last season, the team operated at a loss because it had to dip into the luxury tax and pay $52 million. According to Sports Illustrated, that figure is the fourth highest luxury tax payment in the NBA.
The Bucks are expected to face similar luxury tax challenges in the 2024-2025 NBA season, with Giannis Antetokounmpo, Damian Lillard, and Khris Middleton earning $48 million, $45 million, and $31 million respectively. The team’s last ownership change occurred in April 2023 when Cleveland Browns owners Jimmy and Dee Haslam purchased a 25% stake from former co-owner Marc Lasry. At that time, before the NBA’s new TV deal, the Bucks were valued at $3.2 billion.
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