The temporary owner of the Tasmania JackJumpers says he doesn’t want to sell the club until it gets the investment and commitments from government it “deserves”.
Larry Kestelman, who owns both the NBL and the Jackjumpers – as well as having a stake in grand final losers Melbourne United – described Sunday’s NBL triumph as a “fairytale”.
Although he is known as a parochial fan of United, Kestelman said his head immediately went to Tasmania as the clock counted down at John Cain Arena in Melbourne.
“What this does for the state of Tasmania, I don’t think it can be quite described, the pride and the joy that it brings to them,” he said.
The Tasmanian side won the NBL title in just their third year in the competition, and Kestelman has maintained ownership of the club as it moves through its start-up phase.
He said he wants to secure progress on three key priorities before he hands over his majority stake.
These include construction on the club’s high performance centre, work underway on upgrades to Launceston’s Silverdome and a pathway for expanding the club’s 4,340-capacity MyState Bank Arena in Hobart that has sold out every game this season.
“There’s no rush for me to do it [sell the club], but certainly my intent is not to be the long-term owner,” he said.
The planned high-performance centre in Glenorchy, which includes community sport facilities, has received government funding but has been mired in delays with design and approvals.
The Silverdome received a $5m pledge for upgrades ahead of the 2021 election from the Liberal government, which is currently tipped to retain power in a minority government following last month’s election.
He said the suggestion that such progress might also benefit him by fetching a higher price for the club is “not my motivator at all”, and that he believes he can achieve these priorities within a year.
“That’s what this club deserves and that’s what this club needs and that’s why I’m going to fight the good fight to make sure that it’s set up for long term success,” he said.
The former telecommunications mogul and now property developer has been speaking to Tasmanian investors over a possible sale for a year, and said on Monday the “ball’s in their court” over a minority shareholding of up to a third of the club.
Interstate and international investment is likely to be needed for the majority shareholding.
In March, Kestelman sold 10% of Melbourne United for $4m, which was seen to increase the value of NBL franchises. The previous sale of a club was the Perth Wildcats in 2021 for reportedly less than $10m.
Kestelman said a mix of local and other owners would benefit the Jackjumpers.
“This league now is very global, and I think it can be an amazing vehicle. So I’m actually all for it, and we’ve got a good model with foreign ownership doing well,” he said.
“However, I think some local knowledge, especially in a place like Tasmania will be fantastic.”
