The New Zealand Breakers are set to have new proprietors, with the NBL team finalising a sale to a local ownership group, sources told ESPN.
The transaction is expected to be finalised in the coming days, with the current ownership group - headed by American former professional basketball player, Matt Walsh - selling the franchise after seven years at the helm.
Over Walsh's time as majority owner, the Breakers had one playoff appearance, progressing to the 2023 Championship Series, where they fell to the Sydney Kings in five games. The Breakers missed the postseason again in the 2024-25 NBL season, finishing with a 10-19 record; that's despite starting 7-3, with a roster change forced by the team's ownership seeing the team begin a steep downturn as the campaign progressed.
The Breakers are being sold to New Zealand-based entrepreneurs Stephen and Leon Grice, source said, with an announcement expected early next week.
News of the sale was first reported by New Zealand newspaper The Post.
The team sold for a valuation of "upwards of $35 million", one source said. Another source close to the situation indicated the number could be substantially higher than that.
In late February, the Tasmania JackJumpers were sold to Brisbane-based private equity firm Altor Capital for $35 million. That sale came within 12 months of both the Perth Wildcats and Melbourne United being valued at $40 million. NBL owner Larry Kestelman sold a 10% stake in United for $4 million - a $40 million valuation - in March, 2024. Sports Entertainment Group owner Craig Hutchison sold the Perth Wildcats to tech entrepreneur Mark Arena for $40 million in July, 2024.
As part of the Breakers' sale to new ownership, the bulk of the team's front office staff were terminated, sources said, including CEO Lisa Edser. The expectation at this point is that the new ownership group will retain head coach Petteri Koponen.