Media magnate Craig Hutchison aiming to sell 90% stake in NBL team Perth Wildcats

Craig Hutchison has received an offer for 90% stake in Perth Wildcats, subject to a number of conditions, MATT LOGUE and MICHAEL RANDALL reveal.

Media magnate Craig Hutchison is aiming to sell a 90 per cent stake in NBL powerhouse the Perth Wildcats for $36 million.

Hutchison’s Sports Entertainment Group Limited (SEG) has confirmed it has received a non-binding indicative offer from the MT Arena Capital Investment Pty Ltd in relation to the Wildcats of which SEG is a 95 per cent beneficial shareholder.

According to a Wildcats statement, the offer is subject to a number of conditions, including NBL approval and negotiation and agreement transaction documents.

“There is no certainty a transaction will eventuate and neither SEG nor MTACI will be making any further comment at this stage,” a club statement said.

“SEG will keep the market and the Wildcats fans informed in accordance with its continuous disclosure obligations.”

Hutchison, earlier this year, sold off a 3.75 per cent stake in SEN Teams for $1.5 million as the company hit financial difficulty over a loan owed to Commonwealth Bank.

In 2021, the media magnate purchased the Wildcats for a reported $8.5 million from developer Jack Bendat.

The deal, if successful, would be a remarkable return of more than $30 million in just three years.

Craig Hutchison presents former Wildcats player framed jersey to club legend Damian Martin, in early 2024. Picture: Paul Kane/Getty Images

And it would potentially wipe the company’s $20 million loan with Commonwealth Bank, which the bank had the right to call in last year at any time.

The sale represents over four times return on investment, indicative of the burgeoning NBL’s meteoric rise under Larry Kestelman.

It’s unclear, at this point, how or if the Wildcats sale would impact Hutchison’s move to secure the Perth Lynx WNBL licence.

Mark Arena, a WA cybersecurity entrepreneur and Perth Wildcats supporter, is proposing to buy the Wildcats.

The staged acquisition of a 90 per cent interest over two years at a $40 mil enterprise valuation, is still subject to approval and may not eventuate.

The deal would be completed in two parts, with a $21 million cash payment, no later than October 30 this year.

A second payment of $15 million would be expected by 30 June 2026.

Hutchison’s company has been selling off assets since the Commonwealth Bank took a closer eye at its operations last year.

The company, which has radio stations across the country, has seen a slump in ratings.

The cost of living crisis has also seen advertising revenue across the media industry plummet.

Questions have also been raised about some of the high-priced presenters on SEN who have failed to deliver listeners.

However, Hutchison has always pointed to podcast downloads rather than traditional ratings as a measure of his success.

Hutchison declined to comment when contacted on Thursday.

Originally published as Media magnate Craig Hutchison aiming to sell 90% stake in NBL team Perth Wildcats