Altor Capital Acquires Tasmania JackJumpers

The Tasmania JackJumpers have entered a new phase of their evolution, with Altor Capital securing ownership of the National Basketball League (NBL) franchise in a deal that underscores the growing commercial strength of professional basketball in Australia.

NBL Owner and Executive Chairman Larry Kestelman, who played a pivotal role in the club’s establishment, will remain in an advisory capacity for the next two years to ensure a seamless transition. The shift in ownership aligns with the long-term vision of sustainability and continued growth for the JackJumpers. 

Strategic Growth and Commercial Viability

Since its inception in 2020, the Tasmania JackJumpers have demonstrated a compelling business case for professional basketball in Tasmania, achieving significant commercial and sporting success. The team has become a key revenue driver within the NBL, consistently selling out MyState Bank Arena and cultivating a strong sponsorship and community engagement model.

“The investment from Altor Capital ensures the JackJumpers will remain on a strong growth trajectory,” Kestelman stated. “We have built a legacy piece for the state, and I am confident Altor will continue to uphold the club’s values and traditions while driving long-term sustainability.”

Altor Capital, a specialist in alternative asset management, sees the acquisition as a high-value investment in sport and community infrastructure. Chief Investment Officer Ben Harrison emphasised that the firm intends to build on the JackJumpers’ foundation and expand its commercial potential.

“We are honoured to be entrusted with the next chapter of the Tasmania JackJumpers,” Harrison said. “Our focus will be on strengthening the club’s infrastructure, enhancing the fan experience, and exploring avenues such as securing a Women’s National Basketball League (WNBL) team for Tasmania.”

Infrastructure Expansion and Revenue Streams

One of Altor Capital’s key priorities will be expanding MyState Bank Arena to address the overwhelming demand for JackJumpers games. The team has experienced an extraordinary run of sold-out matches, signalling a strong case for increased seating capacity. The planned expansion will bolster match-day revenues and enhance the venue’s appeal for broader commercial opportunities, including non-sporting events and corporate partnerships.

The JackJumpers’ commercial model is based on a blend of strong community engagement, sponsorship activations, and media rights opportunities. Their rapid financial maturity has positioned them as a leading NBL club in terms of commercial potential, demonstrating the viability of professional basketball beyond traditional powerhouse markets in Sydney and Melbourne.

The Path to Independence and Long-Term Sustainability

JackJumpers CEO Christine Finnegan highlighted that the transition to independent ownership marks a significant step in the club’s evolution from a startup franchise to a mature sporting business. The club’s ability to attract investment in just five years is a testament to its commercial viability and strong brand positioning.

“This new ownership structure provides an important platform for sustained growth,” Finnegan said. “It reinforces our ability to compete with the best sporting clubs in Australia, both on and off the court. While we acknowledge this milestone, we want to assure our stakeholders that it’s business as usual as we continue to drive forward.”

With Altor Capital’s backing, the JackJumpers are poised to expand into key revenue streams such as merchandise, digital engagement, and additional partnerships. Larry Kestelman’s ongoing advisory role will also help maintain strategic alignment with the NBL’s broader commercial direction.

What This Means for the NBL and Australian Basketball

The acquisition reflects the increasing investment appetite for professional basketball franchises in Australia. As the NBL grows in market influence and financial stability, this transition sets a precedent for future private equity investments in the league. The JackJumpers’ success story highlights the potential for clubs to thrive in non-traditional markets when backed by strategic investment and community-driven business models.

Don’t miss out on the latest in sports business – Subscribe today to the free Ministry of Sport newsletter and stay ahead of the game. For even more exclusive insights, event tickets, professional development and networking events, become a MoS Member today!