Crocmedia acquires 25% stake of Melbourne United
Crocmedia chief executive Craig Hutchinson has acquired a 25% stake in 2018 NBL champions Melbourne United.
Previously a 50% shareholder, NBL owner and executive owner Larry Kestelman has agreed to the sale of his majority shareholding in the club and will retain a 25% share.
“After helping to build the club to what it is today, the time has come to hand over to the next generation of owners and I’m delighted that Crocmedia has come on board to help drive it forward,” Kestelman said.
“Crocmedia is a dynamic, innovative and growing media company that will open up future opportunities for Melbourne United and the National Basketball League as the game continues to grow.
Melbourne United will play the Philadelphia 76ers featuring Australian superstar and NBA Rookie of the Year Ben Simmons in the US on September 28.
Crocmedia’s chief executive officer Craig Hutchison said the company will continue to create more revenue opportunities.
“With incredibly strong participation numbers, attendances, broadcast audiences and interest in the game, there’s never been a better time to get involved,” Hutchison said.
“In just four years since it entered the NBL, Melbourne United has risen to the top of Australian basketball and is on its way to becoming one of the leading sports and entertainment franchises in the country.
“It presents us an opportunity to offer our brand partners a unique end-to-end solution in the growing code, from community and grassroots to the incredibly exciting match day environment and all the broadcast and content opportunities that sit around it.”
As part of the deal, Melbourne’s 1116 SEN will broadcast all United games live, including finals.
Melbourne United CEO Vince Crivelli welcomed Crocmedia: “This is an exciting day for Melbourne United as we look to build on our success and continue to widen our fan base.
“We’ve come off our most successful season with an NBL title and sold out games at Hisense Arena and, with Crocmedia on board, we now want to lead the club through its next exciting growth phase and build a club we can all be proud of.”