Private investment firm Altor Capital has officially become the majority owner of the Tasmania JackJumpers, completing a takeover of the NBL club that took effect on July 1.
The deal sees founding owner Larry Kestelman step back to a minority shareholding, ending his control of the franchise he helped establish as the league’s tenth team in 2020.
Altor Capital, which operates across Sydney, Melbourne and Brisbane, had been working closely with the club’s management for the past three months ahead of the handover.
The group’s Chief Investment Officer Ben Harrison said the focus would be on keeping things stable for players, staff and fans.
“We are committed to continuing to strengthen the Tasmania JackJumpers brand and impact for the sustained success of the club, both on and off the court,” he said.
JackJumpers chairman Steve Old thanked Kestelman and the NBL for their vision in getting the club off the ground.
The sale comes as the JackJumpers prepare up for their sixth NBL season, having quickly built a reputation as one of the league’s most successful expansion sides.
The club regularly sells out its 4,700-seat MyState Bank Arena and has become a cultural phenomenon in Tasmania.
“We are thrilled to mark this significant milestone and begin a new, exciting chapter in the club’s history,” Old said.
“The club’s overall success speaks for itself and we are proud to have worked alongside the NBL to build a strong foundation and ensure a seamless transition to new ownership.”
Kestelman, who will stay involved during a two-year transition period, said he was proud of what the club had achieved in such a short time.
He remains the owner of the broader National Basketball League (NBL).
“From connecting with and galvanising the Tasmanian community, to creating such a meaningful impact on the growth of the sport and what it means to all Tasmanians,” Kestelman said.
The ownership change was first announced in February, with Altor Capital at the time outlining plans to expand the arena’s seating and pursue a WNBL licence for Tasmania.
Kestelman and his LK Group business will now turn their attention to developing part of the Crown land at Wilkinsons Point, next to MyState Bank Arena, into a new retail and accommodation precinct.
