BULLS PARTNERS' REWARDS HIT SKY-HIGH LEVELS.

Byline: W.D. Murray Bloomberg News

For many in the investors group, buying into the Chicago Bulls in 1985 was a way to fulfill a fantasy not to get rich.

At the time of the purchase, the National Basketball Association was hardly a business juggernaut. The league was just 48 months removed from a time when a handful of franchises teetered on the brink of folding due to skyrocketing player salaries, fan apathy and dismal television ratings.

A group of businessmen led by Jerry Reinsdorf had some extra cash and the Bulls looked like a fun investment. Little did they know that Jordan would become one of the most recognizable people in the world and the Bulls would dominate the NBA for most of the '90s.

Ticket sales isn't the only thing that's gone up.

In 1985, the group spent $9.2 million to buy 65 percent of a franchise worth $16 million. The 29 partners now totally own a franchise worth somewhere in the neighborhood of $180 million.

And what have been the rewards for the partners? Free courtside tickets? Cocktail parties with the players? National television exposure?

Hardly. The Bulls are a limited partnership, and the power rests with just one man: Reinsdorf.

``Jerry runs the business. We all understood that when we entered into this partnership,'' said Allan Muchin, a partner in the law firm of White Muchin & Zavis and a member of the limited partnership.

So for most of the investors group, the piece of a dynasty has been just what it set out to be - a fun investment.

``And what fun it's been,'' said limited partner Norman Jacobs.

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Photo: (Color) No caption (Chicago Bull Michael Jordan)