The Tasmania JackJumpers will soon have new a new owner, with Brisbane-based Altor Capital to acquire the NBL franchise.
The deal was announced by founding owner Larry Kestelman at the team’s MVP awards ceremony on Saturday night.
It will see Altor initially take a controlling 51% stake this year before assuming full ownership in 2027.
The announcement follows months of negotiations and significant international interest, with 30 investors worldwide reportedly eager to purchase the team.
Kestelman, who maintains substantial ownership interests in the NBL, last year said he was in “no rush” to sell the club but that his intent was “not to be the long-term owner”.
He will remain involved with the club for the next two years as a condition of the sale, in an effort to ensure a ‘smooth handover’ to the new owner.
“I am immensely proud of what we have been able create here for Tasmania, basketball fans and the wider community in such a short period of time and it’s with great joy and pride, that I will hand over the club to its new owners, Altor Capital,” Kestelman said today.
“The investment from Altor Capital ensures the JackJumpers will remain on a strong growth trajectory, and I am confident they will capitalise on the established success of the club by continuing to drive the strategy and vision to ensure long term sustainability.”
Altor Capital’s Chief Investment Officer, Ben Harrison, said the company is committed to preserving the JackJumpers’ culture and continued success within Tasmania.
“We are honoured to be entrusted with the next chapter of the Tasmania JackJumpers and will be focused on continuing the team’s incredible momentum. We intend to grow the JackJumpers’ impact on the state and in the community even further,” he said.
He says the expansion of MyState Bank Arena to increase seating capacity will be a key priority for the company moving forward, hoping to address the ongoing demand for access to games.
JackJumpers CEO Christine Finnegan said despite the new ownership, it is “business as usual” for the club.
“Our focus is on more community engagement and ensuring basketball continues to thrive in this great state,” she said.
