Media mogul Craig Hutchison is sitting on a huge offer for his basketball team the Perth Wildcats.
Hutchison, an AFL heavy-hitter who owns the Sports Entertainment Group and radio network SEN, is reportedly weighing up a $40 million bid for the NBL team he bought back in 2021 for just $8.5 million.
The offer has come from WA-based cybersecurity entrepreneur Mark Arena who is said to be a massive Wildcats fan and has followed them since he was a child.
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The Australian Stock Exchange (ASX) has confirmed that Arena’s company, MT Arena Capital Investment, has lodged “the non-binding indicative offer” with the Sports Entertainment Group (SEG) and wants to purchase 90 per cent stake of the club across two years.
But SEG reportedly told the ASX that there is no guarantee a sale will go ahead with the offer subject to National Basketball League approval.
The Wildcats have confirmed the offer.
“The offer is subject to a number of conditions, including NBL approval and negotiation and agreement of transaction documents,” the Wildcats said in a statement.
“There is no certainty a transaction will eventuate and neither SEG nor MTACI will be making any further comments at this stage.
“SEG will keep the market and Wildcats fans informed in accordance with its continuous disclosure obligations.”
The Wildcats are the most successful team in the NBL with 10 championships to their name.
Hutchison bought his 95 per cent share for $8.5 million in 2021 from long-time owner Jack Bendat, who died seven months later at the age of 96.
During Bendat’s 14-year era local crowds flocked to RAC Arena to watch the games.
The Wildcats are still a powerhouse club of the NBL, regularly attracting crowds of more than 10,000 fans to their home games.
Arena’s offer also includes a 10 per cent “put and call” option, which means he reserves a right to purchase or sell the remaining share of the club at a set price by a certain date.
Hutchison started his career as a gun AFL reporter and has worked for Channel 7, Channel 9 and in print and on radio.
In 2006 he started a company called Crocmedia, which later morphed into the Sports Entertainment Group.
He is still the face of various AFL shows and podcasts, including Footy Classified.
Perth will be the centre of attention for Australian basketball fans when it hosts the inaugural HoopsFest in September.
The four-day festival, the NBL’s version of the AFL’s Gather Round, will result in all of the league’s round-one matches being played in Perth.
The event will also feature a WNBL tournament and an under-18 Australian club championships.
The Wildcats will host South East Melbourne Phoenix in a Friday night blockbuster at RAC Arena on September 20.
– With AAP