In a landmark move for Australian women’s basketball, the Wollemi Capital Group Syndicate (WCGS) and the National Basketball League (NBL) have formed a consortium to essentially take ownership of the Women’s National Basketball League (WNBL). They will acquire majority interest of the league after the 2024/25 season, with the aim to propelling the WNBL into a new era of growth and success.
The consortium, spearheaded by Tesla Chair Robyn Denholm and NBL owner Larry Kestelman, will see WCGS holding a 49% stake and the NBL taking a 29% stake in the WNBL. Basketball Australia will retain a minority interest of 22%, which Kestelman has an option to buy out over the next five years.
The deal, which provides up to 60 days to finalise the transaction, marks a transformative moment for the WNBL, one of Australia’s oldest professional women’s sports leagues.
“Women’s Basketball in Australia has a phenomenal history and an even brighter future,” Robyn Denholm said.
“We are excited to be a major part of the syndicate that will guide the future direction and provide the support and investment needed for the sport to flourish. There is much work to be done to transform the league into a platform that our amazing female players, clubs, and fans deserve.”
Larry Kestelman echoed Denholm’s sentiments, highlighting the opportunity to rethink and revitalise the WNBL:
“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.”
The new consortium will assume control of the WNBL from April 2, 2025, with the NBL taking on the operational responsibilities. The immediate focus will be on engaging with clubs, players, fans, and stakeholders to ensure long-term sustainability and the establishment of a world-class league.
David Stevenson, CEO of the NBL, shared the consortium’s commitment to listening and learning from all involved parties.
“We feel privileged to be the new custodians of Australia’s oldest women’s professional sports competition. This group is best placed to bring sustained success and unprecedented growth.”
Basketball Australia Chair John Carey confirmed the selection of WCGS and the NBL after a rigorous selection process.
“We are delighted to welcome WCGS and the NBL to the WNBL. We are all committed to working together to ensure the league’s success for the players, clubs, and fans.”
The WNBL, founded in 1981, has faced many challenges off the court, with limited investment in marketing, sponsorship, and attendance. This new partnership will prioritise tackling these issues, bringing renewed energy and resources to the league.
This historic agreement promises to be a significant win for women’s basketball, paving the way for enhanced visibility, greater investment, and a brighter future for the WNBL.