Hutchison buys Perth Wildcats for $8.5m from rich-lister Jack Bendat
Former Footy Show host Craig Hutchison says the opportunity to own NBL powerhouse club Perth Wildcats ‘got real pretty quickly’.
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Former Footy Show host and SEN radio owner Craig Hutchison has bought the most successful NBL club and best professional sports team in Australia for $8.5m in a deal that “got real pretty quickly”.
ASX-listed Sports Entertainment Group, partly owned by Mr Hutchison confirmed the deal signed with current Wildcats owner and American-born, Perth businessman Jack Bendat on Thursday following days of market speculation.
The deal was initiated by SEG and took a few weeks to finalise.
“It’s a rare asset that was unexpectedly and potentially available and as it got a bit closer, the opportunity grew on us,” Mr Hutchison said.
“It was too compelling to not consider, particularly considering the wonderful job that team have done over a long period of time.
“There had been rumours that Jack was considering his options.
“We got into a process of considering it and it got more real pretty quickly.”
Mr Bendat, 96, who is ranked 175th among Australia’s 250 rich-listers, has owned the Wildcats since 2006 when he bought the team for $8m.
He made his fortune, estimated at $662m in 2021, in construction and commercial estate in partnership with prominent businessman Kerry Stokes.
The Wildcats are NBL’s most successful team with 10 championships and recently competed in their 35th consecutive finals, losing to Melbourne United.
“Through hard work, we’ve created a community-first culture and a winning-culture, which has shown in our success both on and off the court,” Mr Bendat said in a statement on the club’s website.
“I’ve thoroughly enjoyed my time as chairman of the Perth Wildcats, but the time is right to move on.
“I have full confidence in the new owners to continue and build on the outstanding legacy of this iconic organisation.”
SEG owns 25 per cent of rich-lister Larry Kestelman’s Melbourne United, but will divest its stake in the club to take on the full ownership of the Wildcats.
Mr Hutchison stood down as co-chairman from Melbourne United ahead of the acquisition.
“I’d like to also add my respect to the wonderful basketball and business legacy of Jack Bendat and thank him for the opportunity,” Mr Hutchison said.
“We believe in the growth story of the NBL and stand with all clubs in growing the game under the leadership of Larry Kestelman.”
The ownership of the Wildcats builds on the group’s local sports commitment in WA, including through SEG’s radio stations which are based around the SEN network, Mr Hutchison said.
SEG subsidiary Ball Park Entertainment’s agreement with entities related to Mr Bendat is subject to a final approval by the NBL at the end of the month.
The purchase will be funded from existing cash reserves and available debt facilities and is expected to deliver a positive but immaterial contribution to future earnings.
SEG chairman Craig Coleman said it was “a strategic investment”.
“The Wildcats are an iconic team, with a world record 35 successive finals series, and are even bigger champions in the community,” Coleman said.
“We pay tribute to Jack today and look forward to honouring his wishes to keep the Perth Wildcats one of the biggest success stories in Australian sport and delighting fans in our great state.”
Originally published as Hutchison buys Perth Wildcats for $8.5m from rich-lister Jack Bendat
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