Brisbane Bullets bought by former NBA player

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Twelve-year NBA veteran Kevin Martin has been announced as a new majority owner of the Brisbane Bullets, the NBL club announced on Monday.

Martin, a first-round NBA draft pick back in 2004, is part of a syndicate which will acquire 75 percent of the Bullets by the end of the upcoming season. According to the Bullets, this means Martin's syndicate has acquired 37.5 percent of the business now, with a further 37.5 percent to be acquired after the NBL finals.

The remaining 25 percent stake will remain held by the NBL for a further two years, but the group will have the first option to obtain full ownership once that period expires.

Martin is a 12-year veteran of the NBA, having played at the Sacramento Kings, Houston Rockets, Oklahoma City Thunder, Minnesota Timberwolves, and San Antonio Spurs. He retired in 2016.

Speaking in a statement released on Monday, Martin said his syndicate was "thrilled to announce our investment in the Brisbane Bullets", calling it a "tremendous organisation".

"We have been searching for a couple years for the right opportunity to invest in a team in a premier basketball league outside of the United States, and we are delighted to be joining a league that is truly considered one of the best in the world on every metric," Martin said.

"Both the basketball and the business proposition stack up for us and we couldn't be more excited to be a part of that.

"I am appreciative and humbled that the NBL have been so trusting and supportive of me and my backers, and I am looking forward to working collectively to help ensure that both the Bullets and the league realise their vast potential."

Meanwhile NBL Chairman Larry Kestelman said he was "delighted" that Martin's group had seen the potential in the NBL.

"Their investment is a great endorsement of the NBL which we believe is now the second best league in the world after the NBA," Kestelman said in a statement.

"We have been working towards a new ownership structure since we brought the Bullets back into the NBL in 2016. The club has spent the last three years re-establishing a strong presence in Brisbane both on and off the court.

"With Kevin, a new management team and a strong on court team led by Boomers coach Andrej Lemanis, we believe the club is in now in a very strong position as it moves into a new venue at the QSNC this season."

The NBL season commences on Thursday Oct. 3 in Melbourne United face newcomers South East Melbourne Phoenix at Melbourne Arena. The game will be shown live on ESPN.