A consortium composed of Australia’s NBL men’s top-flight basketball competition, and the Wollemi Capital Group (WCG) investment firm, has completed the acquisition of the top-flight of Australian women’s basketball, the WNBL.
The acquisition was officially closed on November 14.
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First announced in June when the consortium was selected as the successful bidder for the acquisition of the league, the NBL and WCG have purchased 78% of the WNBL from current owner Basketball Australia, which will maintain a minority stake.
The consortium will take full control of the operation of the WNBL competition on April 2, 2025, immediately following the 2024-25 WNBL Grand Final best-of-three series which will be staged across March 5, 8, and 12, 2025.
The league was put up for sale in April 2023 after its teams posted yet another seven-figure combined loss.
Speaking on the completion of the purchase, Basketball Australia chief executive Matt Scriven stated: “We're at an exciting stage of the long-term vision of the WNBL and we have worked extensively with the ownership consortium to ensure that the growth and aspirations of the league will be supported into the future.
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By GlobalData“The WNBL continues to attract world class talent and the level of commercial, attendance and audience engagement so far this season demonstrates the opportunity ahead. We will continue to work closely with the consortium in ensuring that the momentum of the WNBL continues beyond the transfer in April next year.”
WCG is the privately held investment business of Australian businesswoman Robyn Denholm, chair of electric car manufacturer Tesla, and currently holds a 30% stake in the Sydney Kings of the NBL and the Sydney Uni Flames of the WNBL.
The NBL, meanwhile, is currently 94% owned by Australian telecommunications mogul Larry Kestelman, whose LK Group acquired 51% of the NBL in 2015 and almost immediately helped to steer it out of significant financial peril through a series of shrewd partnership and TV rights agreements that have seen attendances and public interest grow over the following decade.
WCG chief executive Victoria Denholm added: “We want the WNBL to be a sporting powerhouse, reflecting basketball’s position as one of the most popular participation sports in Australia.
“Our league is home to some of the most talented athletes with inspiring stories. We are committed to amplifying these stories and elevating women’s professional basketball, ensuring it reaches new heights both on and off the court.”
