Australia’s top men’s basketball competition, the NBL, has announced the formation of a consortium that is set to buy a majority stake in the WNBL, it’s top-flight women’s equivalent.

The consortium, formed alongside the Wollemi Capital Group (WCG) investment firm, has signed a term sheet with a 60-day deadline to finalize its arrangements after being selected as the successful bidder, by current owner, Basketball Australia.

If successful, the consortium will purchase as much as 78% of the WNBL and will look to take control of the competition (currently known as the Cygnett WNBL for sponsorship reasons), at the end of the upcoming 2024-25 season.

April 2, 2025, has been earmarked as the date that the NBL will take control of the WNBL and manage its operations.

WCG is the privately held investment business of Australian businesswoman Robyn Denholm, chair of electric car manufacturer Tesla, and currently holds a 30% stake in the Sydney Kings of the NBL and the Sydney Uni Flames of the WNBL.

The NBL, meanwhile, is currently 94% owned by Australian telecommunications mogul Larry Kestelman, whose LK Group acquired 51% of the NBL in 2015 and almost immediately helped to steer it out of significant financial peril through a series of shrewd partnership and TV rights agreements that have seen attendances and public interest grow over the following decade.

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Financial peril is also a concern within the WNBL and a driver behind the Basketball Australia governing body’s decision to sell. The league was placed up for sale in April after its teams posted yet another seven-figure combined loss.

Basketball Australia will retain a minority stake in the WNBL through the sale, with the league having reported been on sale for as much as for as much as AU$20 million ($13.3 million).

Speaking on the purchase, Basketball Australia chair John Carey stated: “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.”

NBL chief executive David Stevenson added: “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.”