The ownership group of the Sydney Kings and the Sydney Uni Flames, Hoops Capital Pty Ltd, has received a major investment from Wollemi Capital Group (WCG), which is the investment office of the Denholm family.

The new investment will see the investment group, founded and led by Tesla chair, Robyn Denholm, hope to create long-term growth of women’s and men’s basketball in Australia.

The investment from WCG will see Hoops Capital majority owner and chairman, Paul Smith, along with owner and former NBA champion, Andrew Bogut, retain their existing stakes in the company, while former NBA champion, Luc Longley, will remain a special advisor for the group.

Discussing the investment into Australian basketball across both the NBL and WNBL, Denholm said: “We are blown away by the vision and work that Paul Smith and the entire Hoops Capital organisation has done.”

“We are particularly impressed with the commitment to diversity shown by being the only organisation in Australia with both female and male basketball teams at the highest level.

“Wollemi Capital Group is excited to be creating a long-term partnership,” she said.

Welcoming the investment, Smith said the increased support of Australian basketball is a sign of the growth of the sport, with the NBL and WNBL ongoing current periods of extended growth and the upcoming 2022 FBA Women’s World Cup in Sydney.

“This is an important milestone in the long-term planning and development of professional basketball in Sydney and Australia,” Smith said.

“The opportunity for Andrew Bogut and I to be joined by Wollemi Capital Group as we build a truly complete basketball business is something I am personally thrilled by.

“We are delighted to have Robyn [Denholm] join us in her capacity as founder of the Wollemi Capital Group.

“With her corporate acumen and experience, she will be an asset to our board.

“She joins us alongside Matthew [Denholm] and Victoria [Denholm] who bring a clear passion for both men’s and women’s basketball in our ownership.

“I think this diversity will ensure we are in a great place to achieve something very meaningful over the next 20 years,” he said.