Hawks Announce Impending Ownership Change

Illawarra Hawks investor and advisor to the team’s ownership group Bryan Colangelo has decided to exit the Hawks partnership to pursue other personal investment opportunities. Colangelo, announced as part of a syndicate acquiring the NBL license in June of 2020, had participated in the investment in the form of a loan to the entity which purchased the license. That loan was convertible to equity at a later date. 

The investment was limited to The Hawks at the time of the purchase. In December 2022, the entity was reformed into Crest Sports and Entertainment, actively pursuing purchasing other sports and entertainment properties across multiple sports codes, industries, and geographies. As a result of this change in scope, Colangelo has elected not to convert his loan to equity and instead will exit the investment. 

For similar reasons, minority partners Dorry Kordahi and Dominic Proctor have also chosen to divest their equity in the investment vehicle. 

“I thoroughly enjoyed my time being involved with Hawks ownership and was happy to play a small part in the re-emergence of the foundation club as a competitive basketball team, including the resurgence of the Hawks brand and fanbase that we were able to experience post-acquisition,” Colangelo said.

Mr Kordahi further offered, “Our ownership group was established with a vision to grow the success of the National Basketball League remaining legacy club whilst preserving and enriching its 43-year history. Reflecting on my time at the Hawks, I am proud of the positive contributions and partnerships developed within the community across all aspects - fans, players, and business." 

"Basketball will continue to be a major driving force professionally and personally, and I look forward to the next chapter.”

Dominic Proctor added, “The past three seasons in Wollongong and the greater Illawarra Community have truly been something I am proud to have represented as a member of this ownership group. I want to thank the players, coaches, employees, and fans for their unwavering commitment throughout the COVID-19 pandemic, all while allowing me to play a small part in the historical significance of this basketball club moving forward. 

Honouring the 2021-22 season with the “MKP” patch in the name of my late father, Michael Proctor is something my family will never forget and be forever grateful for. The unwavering passion and commitment to this sport in Australia is something I have found truly inspiring, even in times that have been difficult for everyone. I look forward to watching the further growth in the Hawks Organization and basketball throughout Australia in the future.” 

Crest Sports and Entertainment Chairman Jared Novelly offered, “We thank all three gentlemen for their contribution to the club. Their impact on The Hawks was significant, and despite the short tenure, we will long remember their influence."