NBL owner Larry Kestelman sells Melbourne Utd stake to Crocmedia

NBL owner Larry Kestelman is to sell a 25 per cent share of Melbourne United to sports media company Crocmedia.

Melbourne United captain Chris Goulding. Picture: Lawrence Pinder

National Basketball League owner Larry Kestelman has agreed to sell a 25 per cent share of Melbourne United to sports media company Crocmedia.

Mr Kestelman and Crocmedia will be joint major shareholders of the reigning champions, with a 25 per cent stake each, the NBL announced in a statement yesterday.

Mr Kestelman said the time had come to hand the club over to the next generation of owners.

“I’m delighted that Crocmedia has come on board to help drive it forward,” he said.

Crocmedia chief executive Craig Hutchison said the company would look to create new revenue opportunities.

“It presents us an opportunity to offer our brand partners a unique end-to-end solution in the growing code; from community and grassroots, to the incredibly exciting match-day environment and all the broadcast and content opportunities that sit around it,” he said.

As part of the deal, the Crocmedia-owned SEN radio will broadcast all Melbourne United games live.

Melbourne United will be travelling to the US in September to play the Philadelphia 76ers in the NBA pre-season.

Mr Hutchison co-founded Crocmedia in 2006 and has built it into an events, branded-content and talent management company that also operates as a boutique creative agency and racing media sales agent.

Crocmedia’s SEN recently secured cricket broadcast rights. Coverage will be led by Gerard Whateley and includes regional commercial radio rights, while Melbourne’s SEN will cover all men’s Tests and BBL matches.

Mr Kestelman is the 95 per cent-owner of the NBL. Since Mr Kestelman took charge three years ago, crowds have increased 50 per cent on their levels for the 2014-15 season.

Stadiums of up to 13,000 people are regularly sold out in Melbourne, Perth and Adelaide.

Agencies