Official: NBL and Wollemi Capital Group team up to take on a majority interest in the WNBL

A consortium involving the man behind the NBL’s ascent and the Australian chair of Tesla have joined forces and will take ownership control of the WNBL in 2025.

Larry Kestelman owner of the Tasmania JackJumpers and owner and executive chairman of the Australian National Basketball League. Picture: Nikki Davis-Jones

The NBL and the Wollemi Capital Group Syndicate have formed a consortium to acquire a majority interest in the WNBL following the 2024/25 season.

As exclusively revealed by CODE Sports, the Larry Kestelman and Robyn Denholm-led bid will join forces to lead Australia’s oldest women’s sporting competition into a bright new era.

The heads of agreement for the deal was officially signed off on Wednesday afternoon.

A term sheet has been signed which provides up to 60 days to finalise the proposed transaction and allows any conditions to be met.

Under the new ownership structure, the consortium will take control of the league, with the NBL to operate the WNBL from April 2, 2025.

#EXCLUSIVE

A major step towards not only reviving the ailing women’s competition in Australia, but unifying the sport of basketball, is imminent with a bid led by NBL owner Larry Kestelman set to come to the rescue.

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— CODE Basketball (@codebballau) June 25, 2024

Basketball Australia will maintain a minority interest in the WNBL, with the NBL to take on 75 per cent of the women’s league.

Kestelman has transformed the NBL into a global respected product – and he plans to do likewise with the exposure-starved WNBL competition.

The NBL has become a globally-respected product in recent years, with expansion side Tasmania JackJumpers winning the championship last season. Picture: Kelly Defina/Getty Images

“We are proud to be part of a group that will now have an opportunity to rethink what the best version of the WNBL can look like, and set the direction for the future as we did for the NBL,” Kestelman said.

“We believe this is a truly exciting proposition for us, the players, the fans, and everyone involved.

“The female athletes in the sport, as well as younger girls aspiring for greatness, deserve better and we believe we can, with time, deliver something to be proud of, but do not underestimate the work and challenges ahead.”

Kestelman’s passion for women’s basketball is shared by Denholm, the majority owner of the Sydney Kings and Flames and Australia’s Tesla chairperson.

“Women’s Basketball in Australia has a phenomenal history and an even brighter future; we are excited to be a major part of the syndicate that will guide the future direction as well as provide the right level of support and investment needed in the sport for decades to come,” said Denholm, the founder of Wollemi Capital Group.

“There is much work to be done to transform the league into a platform that our amazing female players, clubs, fans and all involved richly deserve.”

Sydney Kings and Flames majority owner Robyn Denholm (far right) will team up with NBL owner Larry Kestelman to take on a majority interest in the WNBL. Picture: Richard Dobson

As reported by this masthead, the NBL will still influence the WNBL’s marketing and promotion this season despite the deal not coming into effect until next April.

NBL CEO David Stevenson confirmed he will work closely with the clubs and officials to maximise the women’s competition as a product.

“We will spend the next few months and beyond listening and learning as much as we can from the clubs, players, fans and key stakeholders to ensure we make the appropriate changes for long-term sustainability and the establishment of a world-class league,” Stevenson said.

“We are excited and feel privileged to be the new custodians of Australia’s oldest women’s professional sports competition, and we believe this group is best placed to bring sustained success and unprecedented growth.”

Southside Flyers celebrate winning the WNBL championship. A new era will begin in April with new ownership to take control of Australia’s women’s basketball league. Picture: Kelly Defina/Getty Images

Basketball Australia chairman John Carey said the WCGS and NBL bid was the successful consortium following a rigorous and thorough selection process.

“We are delighted to welcome WCGS and the NBL to the WNBL, we are all committed to working together to ensure the success of the league for the players, clubs and fans,” Carey said.

“This is a very exciting time for the league and women’s basketball and we look forward to working closely with Robyn, Larry and David.”

Basketball Australia CEO Matt Scriven is looking forward to a close working relationship with WCGS and the NBL.

“The announcement is a commitment by all parties to elevate the WNBL and ensure the future of women’s basketball in Australia,” Scriven said.

The WNBL season will tip-off with a pre-season tournament as part of HoopsFest in Perth from September 19, before the regular season is set to start in late October.

Originally published as Official: NBL and Wollemi Capital Group team up to take on a majority interest in the WNBL