Billionaire businessman Larry Kestelman and Telsa Motors chair Robyn Denholm have formed a consortium to take a majority interest in the Women’s National Basketball League.
In a historic shake-up to be officially unveiled on Thursday, Basketball Australia has agreed to relinquish full running of a league that boasts some of the best players in the world, but has fallen from grace since its heyday of the 1990s.
Mercedes Russell and Lauren Jackson celebrate the Southside Flyers’ win in this year’s WNBL finals.Credit: Getty Images
Players have long called for change, and they will get that now the Wollemi Capital Group Syndicate (WCGS), headed by Denholm, who is also the co-owner of Hoops Capital, which runs the Sydney Kings and Sydney Flames, and Kestelman, the majority owner of the NBL, have agreed to take charge from April 2, 2025.
The 2024-25 season will remain under BA’s control, but the new consortium is expected to help with marketing and promotions. A term sheet has been signed, providing up to 60 days to finalise the proposed transaction and allowing conditions to be met.
Billionaire businessman Larry Kestelman (right), who will now run the WNBL, pictured with NBA great Scottie Pippen.Credit: Getty Images
“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,” Kestelman said.
“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 [we] do not underestimate the work and challenges ahead.”
Denholm 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. 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.”