(Bloomberg) -- Former NBA player Ulysses Lee “Junior” Bridgeman is purchasing a 10% stake in the Milwaukee Bucks, the team he played for a total of 10 seasons, according to two sources familiar with the transaction. The deal values the team at $4 billion.
Bridgeman, who has built a fast-food restaurant kingdom, at one point owned 450 restaurants around the nation. He is also the owner of Ebony and Jet magazines. The former Bucks player’s estimated net worth is $600 million, trailing the likes of NBA legends, Michael Jordan, LeBron James, Magic Johnson, Steph Curry and Kevin Durant, according to Sportico.
The deal is the first NBA transaction that has closed since the league completed its new $76 billion media deal with Walt Disney Co.’s ESPN, Comcast Corp. and Amazon.com in July.
CNBC was the first to report the Bucks news.
Bridgeman’s purchase showcases the continued rise of sports franchise valuations. In April 2023, former Bucks owner Marc Lasry sold his 25% stake that valued the club at about $3.2 billion. Milwaukee ranked 23rd in terms of total valuation for the NBA’s 30 clubs, according to Sportico. Ten months later, the team is now at $4 billion.
The NBA has had a number of big transactions in the past two years. Michael Jordan sold the Charlotte Hornets for $3 billion. Marc Cuban sold the Dallas Mavericks for $3.5 billion and Mat Ishbia bought the Phoenix Suns for $4 billion.
The recent string of purchases could give an idea as to how much the NBA will charge for an expansion franchise. NBA commissioner Adam Silver said the league did not discuss expansion at the recent board of governors meeting on Tuesday but the topic will be on the docket at some point this year.
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