Hulk Hogan’s best friend, Bubba the Love Sponge, not only secretly videotaped Hulk having sex — he bragged afterwards that the tape was a goldmine that could be the key to Bubba’s retirement.

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TMZ has seen the last few minutes of Hulk’s leaked sex tape — in which he bangs Bubba’s wife Heather Clem.  It’s very clear — Bubba was in on it.  Moments after the deed is done and Hulk leaves, Bubba says to his wife … “If we ever did want to retire, all we’d have to do is use this footage.”

His wife shoots back, “You’d never do that.” Bubba then tries to recover, saying, “I wouldn’t do that, you’d be the biggest rat, you’d be dead.”

The revelation is interesting … considering Hulk went on the Howard Stern show TODAY and said he and Bubba are still good friends — and sounded confident Bubba was NOT the culprit.

Hulk is filing a criminal police report in FL and trying to HUNT DOWN whoever leaked the tape — claiming he was filmed illegally.

-TMZ

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UPDATE:

Hulk Hogan Speaks To TMZ About it:

Hulk Hogan called in to “TMZ Live” … and was completely stunned when we told him about the footage of his BFF Bubba the Love Sponge plotting to profit off of his sex tape … telling them, “I’m sick to my stomach right now.”

Hogan says Bubba had adamantly denied having any knowledge about the sex tape … and told Hulk he didn’t know there was a camera capturing Hogan’s X-rated session with his former wife Heather Clem.

Hulk says he had warned Bubba … “If you had anything to do with this, that means we were never friends.”

TMZ broke the story … Bubba appears at the very end of the sex tape, after Hogan had left the room, and told Heather, “If we ever did want to retire, all we’d have to do is use this footage.”

Hulk says he is exploring all of his legal options — and promises someone WILL PAY for recording and releasing the tape.

TMZ

-Lead photo via TMZ