WCGS and NBL Form Consortium to Acquire Majority Interest in WNBL

The Wollemi Capital Group Syndicate (WCGS) and the National Basketball League (NBL) have a consortium to acquire a majority interest in the Women’s National Basketball League (WNBL) following the conclusion of the 2024/25 season. Basketball Australia will retain a minority stake in the league.

A term sheet has been signed, granting up to 60 days to finalize the proposed transaction and meet any necessary conditions.

“Women’s Basketball in Australia has a phenomenal history and an even brighter future; we are excited to be a major part of the syndicate that will guide the future direction as well as provide the right level of support and investment needed in the sport for decades to come. There is much work to be done to transform the League into a platform that our amazing female players, clubs, fans and all involved richly deserve,” Robyn Denholm, Founder of Wollemi Capital Group, said.

Larry Kestelman, NBL Owner, emphasised the consortium’s commitment to reimagining the WNBL: “We are proud to be part of a group that will now have an opportunity to rethink what the best version of the WNBL can look like, and set the direction for the future as we did for the NBL. We believe this is a truly exciting proposition for us, the players, the fans, and everyone involved.”

Kestelman acknowledged the challenges ahead but expressed confidence in the consortium’s vision: “The female athletes in the sport, as well as younger girls aspiring for greatness, deserve better and we believe we can, with time, deliver something to be proud of, but do not underestimate the work and challenges ahead.”

The new ownership structure will see the consortium take control of the league, with the NBL set to operate the WNBL from April 2, 2025.

NBL CEO David Stevenson outlined the consortium’s plans for the transition period: “We will spend the next few months and beyond listening and learning as much as we can from the clubs, players, fans, and key stakeholders to ensure we make the appropriate changes for long-term sustainability and the establishment of a world-class League.”

John Carey, Basketball Australia Chair, confirmed the selection of WCGS and the NBL after a rigorous process: “We are delighted to welcome WCGS and the NBL to the WNBL. We are all committed to working together to ensure the success of the League for the players, clubs, and fans. This is a very exciting time for the League and women’s basketball, and we look forward to working closely with Robyn, Larry, and David.”

Matt Scriven, CEO of Basketball Australia, echoed this sentiment: “The announcement today is a commitment by all parties to elevate the WNBL and ensure the future of women’s basketball in Australia.”