Craig Hutchison sells off part of Perth Wildcats to pay down radio stations’ debt

Embattled media boss Craig Hutchison has decided to part with a section of his empire in a bid to pay down debt at his struggling radio stations.

Under pressure media boss Craig Hutchison has sold off part of the Perth Wildcats to pay down debt at his struggling radio stations.

Hutchison’s company told the stock market that it had sold $1.5 million in shares to a minority stakeholder group.

The deal announced in note to the Australian Securities and Investments Commission this week.

“SEG raised a total of $1.5 million for a minority stake in its sporting team franchises,” the statement said.

Craig Hutchison has sold off part of the Perth Wildcats to pay down debt at his struggling radio stations.

“These funds are to be put towards repayment of debt as agreed with SEG’s financier.”

Hutchison’s company owes $28 million to the Commonwealth Bank, which is due later this year.

The company had breached its banking covenants, which means that the CBA could demand repayment in full at any time.

The latest deal comes after Hutchison sold off its New Zealand radio stations in November.

Those stations had lost $5 million in a year.

Clare Hazell Wright and Craig Hutchison at the 2019 Ronald McDonald House Charities Ball. Picture: Fiona Byrne

The deal announced this week was for a four per cent stake in the Wildcats, along with three other basketball teams and a netball team.

Hutchison has criticised reporting of his company, insisting that he had a plan for success.

The note to the stock exchange adds that SEG would be selling off more of its sporting teams.

The company includes Melbourne radio station SEN, which recently celebrated its 20th anniversary.

Originally published as Craig Hutchison sells off part of Perth Wildcats to pay down radio stations’ debt