Wildcats sale progresses

Sports Entertainment Group Limited (SEG) has confirmed it has signed a binding Share Purchase Agreement and Shareholders Agreement for a staged sale of the Perth Wildcats, of which SEG is a 95 per cent indirect shareholder, to Mark Arena’s family trust MT Arena Capital Investment Pty Ltd (MTACI).

Arena is a life-long Wildcats fan and a highly successful tech entrepreneur and business director, who resides in his hometown of Perth following international career pursuits.

The binding contracts include a staged sale of a 90 per cent interest over two years at a $40M enterprise valuation.

In a statement, the Wildcats said they are “encouraged by the process, however, there are still elements of the sale to complete”.

The completion of stage 1 of MTACI’s acquisition is conditional on some group restructuring being completed.

The NBL experienced significant growth in a number of key areas in NBL24 when compared to the previous season, including a 26 per cent increase in broadcast numbers, 118 per cent increase in web and app views, and 26 per cent increase in media exposure.

The value of clubs has skyrocketed with the NBL becoming the fastest growing sports organisation in Australia and New Zealand.

Owner of popular honey and skincare brand ‘Manuka Doctor’ Matthew Pringle recently acquired a three per cent stake in the New Zealand Breakers.

Earlier this year NBL owner Larry Kestelman sold a 10 per cent stake in Melbourne United for $4 million, which has valued the NBL24 runner-up at $40 million.

JackJumpers owner Kestelman also recently told The Australian talks surrounding the impending sale of the recently crowned NBL champion Tasmania JackJumpers remain ongoing at a valuation of more than $30 million.