The Milwaukee Bucks are being bought out by Junior Bridgeman in a $4 billion deal.

• Sources close to the deal revealed that former NBA player Junior Bridgeman will purchase a 10% stake in the Milwaukee Bucks.
• Sources reported that Bridgeman, the owner of Ebony and Jet Magazines, is receiving a preferred limited partner discount to purchase a portion of the team he played for from 1975 to 1984.
• The deal values the team at $4 billion.

NBA owners will receive a memo on Thursday about the sale, according to sources who requested anonymity due to the confidentiality of the transaction.

Sources reported that Bridgeman, the owner of Ebony and Jet magazines, is receiving a 15% discount on his preferred limited partnership in the team he played for from 1975 to 1984, which translates to a $3.4 billion valuation.

He has a net worth of over $600 million due to his success in multiple businesses, including fast-food chains and Coca-Cola bottling distribution.

Bridgeman and the Bucks did not immediately respond for comment.

The Bucks are owned by three groups, each with a 25% stake, including Jimmy and Dee Haslam, Wes Edens, and Jamie Dinan.

Since the NBA signed an 11-year media agreement with NBCUniversal and Prime in July, this marks the first NBA sale.

The sale of Marc Lasry's 25% stake in the Milwaukee Bucks to the Haslams last April, which valued the team at about $3.2 billion, demonstrates the team's continued growth despite being a small-market team.

The team, which finished third last season in the NBA Eastern Conference, is losing money because it paid a reported $52 million luxury tax last season. The Bucks are projected to pay a significant luxury tax this season, with Giannis Antetokounmpo being paid $48 million, Damian Lillard $45 million, and Khris Middleton $31 million for the 2024-2025 season.

The Bucks have two won NBA championships, in 1971 and 2021.

Disclosure: NBCUniversal is the parent company of CNBC.