Netball Australia calls emergency meeting after $6.5m buyout bid from global private equity group

A takeover bid for Super Netball by a private equity group has the unanimous support of the netball players association board according to the bid’s lead figure.

Sasha Glasgow of the Fever reacts after being announced as the MVP of the Super Netball Grand Final. Picture: Getty Images

Netball Australia called an emergency meeting late on Friday after a Tier 1 global private equity group that manages $125 billion worth of funds put forward a $6.5 million bid to buyout the sport’s debt and takeover the Super Netball competition.

Matt Berriman, the chair of Mental Health Australia, entrepreneur and avid netball fan, is the lead on the bid and pulled the detailed proposal together, gathered the funds and several backers including former Diamond Liz Ellis, in the weeks since learning of Netball Australia’s (NA) dire financial situation.

The proposal also has the backing of former ABC managing director Michelle Guthrie and DAZN co-founder James Rushton, who runs a major sports live streaming service.

As previously reported by NewsCorp, NA sold the rights to host the grand final to the Western Australian Government in a bid to recoup some of their $4.5m debt.

The proposal was sent to NA board chair Marina Go on Friday afternoon.

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The Super Netball grand final was sold to Perth. Picture: Getty Images

It includes a plan to pay NA $4.5m for the rights to run the Suncorp Super Netball (SSN) competition plus two additional $1m payments over two years - to support the Diamonds and grassroot programs.

While not willing to provide exact figures, Berriman said the equity group also had “significantly more” than the $6.5m ready to invest into the SSN for running costs and to ensure players were paid competitively in comparison with other women’s sports.

He also said expansion to at least 10 Australian teams and possibly more was on the cards for the near future.

Prior to lodging the bid with NA Berriman consulted with the Players’ Association board, receiving unanimous support.

Berriman said the hope had been to keep the matter private between NA and the equity group while the proposal was discussed.

Instead NA called an emergency meeting with the CEOs of all Super Netball Clubs late on Friday.

Berriman said rumours he was creating a “breakaway league” were simply false.

“We wanted it to be a private matter between Netball Australia and us for the betterment of the game, the misinformation that we have been made aware of, that it is a breakaway league, is completely false,” Berriman said.

“Our core focus is to improve the game.”

Netball Australia CEO Kelly Ryan confirmed she had received a formal approach from Berriman at 5pm on Friday in regards to private equity and it was one of a number of proposals NA was considering.

Ryan also confirmed she had spoken to member organisation CEOs earlier in the afternoon as rumours of a private equity approach circulated and said there was no suggestion this was a proposed rebel or breakaway league.

“There was a conversation with CEOs … but to be honest we only received something at 5pm. The concept of private ownership is not new, it happens in the NBL for example, but this particular proposal is new to us,” Ryan said.

Kelly Ryan confirmed she had received a formal approach from Berriman.

“We’ve had a multitude of people approach us to offer their support in the past couple of weeks … and this new proposal is something we’ll look at. We are currently conducting a review of SSN.

“The SSN is the jewel in crown for Netball Australia and we need to finish this review … but to answer your question, we would not flippantly turn money away but we need to be methodical.”

Berriman said the aim was for this to be a partnership between the equity group and NA - to allow the competition to thrive and NA to have a clean financial sheet and the ability to focus on the Diamonds and grassroots.

Former Diamonds coach Lisa Alexander had written in her News Corp column earlier on Friday that NA must sell the SSN to private investors to save the sport.

“NA needs to diligently find the right business people to take over the league so they (NA) can get back to their core business,” Alexander wrote.

“It will save the sport and it will enable the right people to take the SSN to the next level.

“NA must get back to working for the grassroots, the participants who dream of being a Diamond.”

Originally published as Netball Australia calls emergency meeting after $6.5m buyout bid from global private equity group