NBL and WCGS form consortium to acquire majority interest in WNBL

The National Basketball League (NBL) and the Wollemi Capital Group Syndicate (WCGS) have formed a consortium to acquire a majority interest in Australia's premier women's basketball league - the WNBL - following the completion of the 2024/25 season. 

The deal will see the consortium acquire approximately 75% of the WNBL with a term sheet being signed, which provides up to 60 days to finalise the proposed transaction and allows any conditions to be met. Basketball Australia will maintain a minority interest in the League.

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.

Denholm noted “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.

“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.

Kestelman shared “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. 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.”

Under the new ownership structure, the consortium will take control of the league, with the NBL to operate the WNBL, from 2nd April, 2025.  

NBL Chief Executive David Stevenson advised “we will spend the next few months and beyond listening and learning as much as we can from the clubs, players, fans and key stakeholders to ensure we make the appropriate changes for long term sustainability and the establishment of a world-class League.

“We are excited and feel privileged to be the new custodians of Australia’s oldest women’s professional sports competition, and we believe this group is best placed to bring sustained success and unprecedented growth.”

John Carey, Basketball Australia Chair, confirmed that WCGS and the NBL are the successful consortium following a rigorous and thorough selection process and enthused “we are delighted to welcome WCGS and the NBL to the WNBL, 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 David.”

Matt Scriven, Chief Executive of Basketball Australia, looks forward to a close working relationship with WCGS and the NBL adding that the announcement “is a commitment by all parties to elevate the WNBL and ensure the future of women’s basketball in Australia.”