Adelaide 36ers owner Grant Kelley offloads minority stake, clearing way for Adelaide Crows chairman bid
The owner of the Adelaide 36ers is clearing the way for a shot at the Adelaide Crows’ chairman’s job, selling off a big chunk of one club to ease conflict of interest concerns at the other.
36ers
Don't miss out on the headlines from 36ers. Followed categories will be added to My News.
Adelaide 36ers owner Grant Kelley is selling a minority stake in the basketball franchise, paving the way for his ambitious bid to become Adelaide Football Club chairman.
A 19 per cent equity interest will be taken by an investment consortium, which Mr Kelley said was designed to provide for expansion of the National Basketball League club.
The dilution of his stake also will ease potential concern about a conflict of interest should he succeed in his publicly declared bid to take over from Adelaide Crows chairman Rob Chapman.
Mr Kelley reignited his bid for Crows chairman on the same day in August that the club confirmed Mr Chapman would stand down by the end of the year.
Adelaide joint number one ticket holder Carolyn Hewson, one of Australia’s most respected corporate directors, yesterday confirmed she would not seek a Crows’ board role, defusing persistent speculation.
Revealing the partial 36ers sale, Mr Kelley said it was based on an initial valuation of the club at $7.2 million.
The investment consortium includes 36ers general manager of basketball Jeff Van Groningen, Canadian sporks marketer Jacob Burke and Gold Coast-based former Nashville music executive Dale Bray.
“We are heading into a new era with a new coach, new playing squad, and new arena. This investment into the club recognises the tradition of success and strong future potential, of the 36ers franchise,” said Mr Kelley.
NBL owner and executive chairman Larry Kestelman, a co-founder of the Dodo telecommunications, welcomed the new minority ownership group.
“The 36ers are an integral part of the NBL and enjoyed record attendances last season at the Adelaide Entertainment Centre … this investment is a further endorsement of its huge growth and success in recent years,” he said.
Mr Kelley is CEO of Vicinity Centres, one of Australia’s largest retail property groups.
At a 36ers media conference in August, he said he was interested in the Crows’ chairman role and had been approached.
The Crows then said they “reaching out to who have expressed interest in the role, as well as those who we feel have the necessary skills, qualities and experience”.
The Crows and 36ers in 2018 were in talks about sharing resources including marketing an membership – not ownership – but these discussions later stalled.