Majority ownership of Australia's premier women's basketball league -- the WNBL -- is finally changing hands.
The Wollemi Capital Group Syndicate (WCG) and the National Basketball League (NBL) have formed a consortium to acquire a majority interest in the WNBL following the completion of the 2024-25 season, the NBL announced on Thursday morning.
The deal will see the consortium acquire approximately 75 percent of the WNBL, sources told ESPN; with a term sheet being signed, which provides up to 60 days to finalise the proposed transaction.
The consortium will take control of the WNBL from April 2, 2025, with the NBL to operate the women's league from that date. Basketball Australia will maintain a minority interest in the WNBL.
WCG - whose founder is current Tesla chair Robyn Denholm - has invested significantly in Australian basketball over the past two years. Earlier in 2024, WCG assumed the majority ownership share of Hoops Capital Pty Ltd, the owner of the Sydney Kings and Sydney Flames.
At the direction of Denholm, Hoops Capital has directed a more deliberate approach to the growth of its women's program. The organisation recently restructured its medical, strength and conditioning, and performance teams in order to better and more equitably service both the Flames and the Kings, sources said.
"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," Denholm said, of WCG's acquisition of the WNBL.
"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.
Larry Kestelman, the owner of the NBL, heads the consortium with Denholm, almost 10 years after purchasing a majority stake in the men's league. Kestelman has played an instrumental role in the growth of the NBL over his time as owner, lifting the league out of significant financial distress and back into relevancy.
"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."
John Carey, Basketball Australia Chair, confirmed that WCG and the NBL are the successful consortium following a "rigorous and thorough selection process."
"We are delighted to welcome WCGS and the NBL to the WNBL," Carey said.
"We are all committed to working together to ensure the success of the League for the players, clubs and fans. This is a very exciting time for the League and women's basketball and we look forward to working closely with Robyn, Larry and [NBL CEO] David [Stevenson]."