Junior Bridgeman, a former NBA player who spent a significant part of his career with the Milwaukee Bucks, is set to acquire a 10 percent ownership stake in the team, according to multiple reports on Thursday. Bridgeman, who will be 71 on Tuesday, is buying into the team at a $3.4 billion valuation.

In 2023, Dee and Jimmy Haslam purchased a 25 percent stake in the Bucks for $3.2 billion. For context, the average NBA team is valued at $4 billion, as noted by Sportico.

Bridgeman, selected as the 8th overall pick in the 1975 NBA Draft by the Los Angeles Lakers, was traded to the Bucks shortly after in a major deal involving Kareem Abdul-Jabbar. During his career, Bridgeman was known for his role as a valuable sixth man, averaging 13.6 points and 3.5 rebounds over 849 games with the Bucks and the Los Angeles Clippers.

Beyond his basketball career, Bridgeman became a successful businessman, initially investing in Wendy’s franchises and later expanding to own 360 Wendy’s and Chili’s restaurants. After selling these in 2016, he invested in a Coca-Cola bottling franchise, which generates at least $350 million in annual revenue. Bridgeman also purchased Ebony and Jet magazines in 2020 and co-owns Coca-Cola Bottling of Canada with Larry Tanenbaum, which he acquired in 2018.

CNBC was the first to report on Bridgeman’s new stake in the Bucks.