Basketball Australia has officially announced the sale of the Women’s National Basketball League (WNBL) to a consortium led by Larry Kestelman, the owner of the National Basketball League (NBL). This significant change in ownership is scheduled to come into effect from April 2025, following the upcoming women’s basketball season.
The decision to transfer ownership follows months of speculation and is viewed as an opportunity for the NBL to inject new energy into the WNBL, much like Kestelman’s successful revival of the NBL after he acquired it in 2015. Under Kestelman’s leadership, the NBL experienced a renaissance and managed to attract one million fans to games last season, a milestone that hadn’t been reached since 1996.
Despite the growing popularity of basketball in Australia, only the Townsville Fire had been consistently profitable among the WNBL teams in the most recent season. Given the league’s financial struggles, there is hope that Kestelman’s consortium will be able to facilitate a turnaround and put the WNBL on a more stable and prosperous trajectory.
In a formal statement, Kestelman expressed his pride in being part of the consortium and his confidence in the WNBL’s potential for growth and success. He acknowledged the need for a new vision for the league and the challenges that lie ahead, but he remained optimistic about the future.
Previously, the WNBL and NBL were distinct in that they were owned and operated by separate entities. However, Basketball Australia, the previous owners of the WNBL, had been open to a change in the league’s operation, leading to the decision to transfer majority ownership to the NBL and the Wollemi Capital Group Syndicate, a prominent investment firm co-founded by Robyn Denholm, the chair of Tesla Motors.
Denholm, who is also a co-owner of Hoops Capital, which owns the Sydney Kings and the Sydney Flames, expressed enthusiasm about steering the future direction of women’s basketball in Australia. The consortium aims to provide the essential support and investment needed for the WNBL to thrive for years to come.
The NBL is scheduled to assume control of the WNBL operations from April 2, with a 60-day term sheet signed to finalize the proposed agreement. This change in ownership comes during a busy WNBL off-season, during which the Melbourne Boomers’ license was transferred to the new franchise Geelong United. The team has also announced the retention of their coach, Chris Lucas, and the signing of their first two players, Jaz Shelley and Sarah Elsworthy.
In conclusion, the sale of the WNBL to the consortium led by Larry Kestelman represents a significant turning point for women’s basketball in Australia. This move underscores a commitment to providing a platform for female players, clubs, and fans to flourish and sets the stage for an exciting new chapter in the league’s storied history.