Ulysses “Junior” Bridgeman attends Day 2 of the 2023 Make investments Fest on the Georgia World Conference Middle on August 27, 2023 in Atlanta, Georgia.
Paras Griffin | Getty Photographs
Businessman and former NBA participant Ulysses Lee “Junior” Bridgeman is shopping for a ten % stake within the Milwaukee Bucks, in line with three sources conversant in the deal. The transaction would worth the workforce at $4 billion.
NBA house owners will probably be notified of the sale in a memo on Thursday, the sources added, talking on situation of anonymity as a result of particulars of the deal are usually not public.
Bridgman, the present proprietor of Ebony and Jet magazines, is getting a most popular restricted accomplice low cost of 15 %, or a $3.4 billion valuation, to purchase a part of the workforce he performed for from 1975 to 1984, the sources mentioned.
It’s reported to have a net worth of over $600 million after reaching success in quite a lot of companies starting from quick meals chains to a Coca-Cola bottling distributor.
The Bucks declined to remark, and Bridgeman didn’t instantly reply to a request for remark.
Junior Bridgeman #2 of the Milwaukee Bucks seems to play in opposition to the Boston Celtics throughout a 1984 recreation performed on the Boston Backyard in Boston, Massachusetts.
Dick Raphael | Nationwide Basketball Affiliation | Getty Photographs
The Milwaukee Bucks are owned by Jimmy and Dee Haslam, Wes Edens and Jamie Dinan. Every of the three possession teams has a few 25% stake within the workforce.
It’s going to mark the NBA’s first sale for the reason that league signed on 11-year media agreement with Disney, Comcaston NBCUniversal and Amazon Premier in July.
The deal exhibits the Bucks, a small-market workforce, proceed to develop. When former Milwaukee Bucks co-owner Mark Lasry bought his 25 % stake within the workforce to the Haslams final April, the workforce was valued at about $3.2 billion.
The workforce that completed third final season within the NBA’s Jap Convention is shedding cash as a result of it paid a invoice $52 million in luxury tax last season. The Bucks will seemingly pay a critical luxurious tax this season as they pay Giannis Antetokounmpo $48 million, Damian Lillard $45 million and Khris Middleton $31 million for the 2024-2025 season.
The Bucks have received two NBA championships, in 1971 and 2021.
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