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Financial Industry Executive Wes Edens Buys The Milwaukee Bucks For $550 Million

While the Milwaukee Bucks lost in the Eastern Conference Finals they have come a long way since they were bought by Wes Edens in 2014. When he bought the team they were just coming off a 15-67 season where they were in last place in the Eastern Conference. In 2019, they earned the Eastern Conference #1 seed in the playoffs and were picked to be in the finals, something they fell just short of doing.

Wes Edens made his fortune of $1.65 billion in the financial industry. After graduating from Oregon State University in 1984, he made his way to New York City where he joined Lehman Brothers. He quickly rose to the top, becoming a partner at this firm and the managing director. In 1994, he joined Blackrock Financial Management Inc. where he was also a partner and managing director.

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He says that when he joined Blackrock it was a small firm and where he first raised capital for a fund. Wes Edens says that he’s still friends with the executives at this company. He decided in 1998 that it was time to set up his own company which is how Fortress Investment Group, Inc. got its start. It’s now one of the biggest alternative asset management firms in the world, handling more than $40 billion in assets.

Along with Marc Lasry, Wes Edens paid $550 million for the Milwaukee Bucks. As part of the deal, they committed to building a new arena for this team. The new stadium opened in time for the 2019 season. His team is now worth $1.35 billion which is an amazing return on an investment in just five years.

He earned $54 million in 2018. He was paid a salary of $200,000 by Fortress Investment Group. He earned another $1.1 million in stock awards. Wes Eden’s bonus for the year totaled $11.6 million. Another $478,493 came from other compensation for his work at this firm. Additionally, he earned dividends from the shares he owns in this company.