Ulysses Lee “Junior” Bridgeman, a businessman and former NBA player, is reportedly buying a stake in the NBA franchise of the Milwaukee Bucks. Reportedly, Bridgeman will purchase a 10% minority stake in the Bucks, which puts a total value of $4 billion on the team.
Bridgeman’s acquisition, which includes a 15% preferred limited partner discount, reportedly already received a green light from the NBA but is yet to become official.
Bridgeman played a decade with the Bucks on two separate stints in the 1970s and 1980s while also suiting up for the Los Angeles Clippers. His No. 2 jersey with the Bucks has been retired by the franchise in 1988, one year after he ended his NBA career.
After retiring, Bridgeman ventured into various businesses that allowed him to build up a reported net worth of $600 million. This included owning more than 100 locations of fast food chains Wendy’s and Chili’s, becoming a bottler of Coca-Cola, and acquiring Ebony and Jet magazines.
The Bucks were also the subject of a stake sale last season when Jimmy and Dee Haslam, owners of NFL’s Cleveland Browns, bought a 25% stake from former principal owner Marc Lasry. Haslams are now part of the ownership group alongside Fortress Investment Group founder Wes Edens and hedge fund manager Jamie Dinan, who also own 25% stake apiece. At the time, the Bucks were valued at $3.2 billion.