Altor Capital buys the Tasmania JackJumpers from Larry Kestelman

Larry Kestelman has made it no secret that he has wanted to sell the Tasmania JackJumpers. Now he has finally found an owner to take over the championship-winning team.

HOBART, AUSTRALIA - FEBRUARY 08: Scott Roth, Head Coach of the Jackjumpers reacts to his bench during the round 20 NBL match between Tasmania Jackjumpers and Cairns Taipans at MyState Bank Arena, on February 08, 2025, in Hobart, Australia. (Photo by Simon Sturzaker/Getty Images)

After years of trying to find a new owner, Larry Kestelman has sold the Tasmania JackJumpers.

The championship-winning team has been sold to Brisbane-based private capital firm Altor Capital.

The company will take a 51 per cent majority stake in the JackJumpers from the middle of this year.

MELBOURNE, AUSTRALIA - NOVEMBER 20: National Basketball League Owner Larry Kestelman poses during a portrait session at LK Office on November 20, 2024 in Melbourne, Australia. (Photo by Darrian Traynor/Getty Images for NBL)

The club took to social media to announce the sale.

“We are thrilled to enter this new era of the club and to continue to build the strong culture, high-performance environment and fan experience with Altor Capital.”

The deal between Mr Kestelman and Altor Capital will see the company take full ownership of the JackJumpers in two years.

“When we started at the very outset, we said that it’s not something that I can actually hold on to for the rest of my life, which I would actually love to; just to be clear, if I could, I would actually continue to be the owner of the JackJumpers with my role with the NBL,” Mr Kestelman said.

“I have absolutely loved it.

“I love coming to Tasmania; I now have family here - my son is married to a local girl with lots of local family - and I’ve got plenty of reasons to continue to come to Tasmania for both family reasons and for business reasons.

“The JackJumpers are always going to be part of my DNA and history of what’s been created.

“It will have a special place in my heart.”

MELBOURNE, AUSTRALIA - MARCH 31: (L-R) Jeremy Rockliff, Premier of Tasmania, Christine Finnegan Co-Chief Executive Officer, Larry Kestelman, NBL Owner pose for a photo after game five of the NBL Championship Grand Final Series between Melbourne United and Tasmania JackJumpers at John Cain Arena, on March 31, 2024, in Melbourne, Australia. (Photo by Kelly Defina/Getty Images)

Altor Capital Chief Investment Officer Ben Harrison said owning the JackJumpers was a fantastic opportunity.

“It’s about really building on the great foundations,” Mr Harrison said.

“There’s no desire to change what’s going on - whether that’s at the board, the management team, or the staff.

“We’re really keen just to continue to support the business and provide all the things we can provide as professional owners of companies, provide them with all the things they need to achieve success.”

The price that Altor Capital purchased the JackJumpers for has not been revealed.

“I don’t think it’s probably appropriate to talk exact numbers…but what I’ll say is I think it’s a respectable number,” Mr Kestelman said.

“I think it’s a number that shows where the NBL is at - it’s not just about the JackJumpers; it’s about what’s been done by the NBL, by all those clubs.

“A significant amount of those proceeds is going to go back to some of the other clubs as a sign of respect and what’s been created by us as a group.”

Mr Kestelman also said some of the funds from the sale would go to the Wilkinson’s Point project.