)
Alternative asset manager Altor Capital has leapt into the National Basketball League (NBL) with the acquisition of Tasmania JackJumpers, laying plans to expand the team’s home turf in Hobart, MyState Bank Arena, to cope with demand for local matches.
The buyout from NBL owner and executive chairman Larry Kestelman is seen as a landmark deal for the NBL in that the relatively new franchise secured private equity investment so early in its evolution.
Kestelman, the billionaire property developer who played a pivotal role in the club’s establishment, will remain in an advisory capacity at JackJumpers for the next two years to ensure a seamless transition.
The club says the shift in ownership aligns with the long-term vision of sustainability and continued growth for the JackJumpers, a team that has consistently sold out home games since inception in 2020.
The Brisbane-based Altor Capital plans to work together with the JackJumpers management team and the Tasmanian Government to “drive growth, foster community engagement and create a continued winning future for Tasmania and its supporters”.
"We are excited to take this important step and recognise the vital role the team plays in the identity and spirit of the state,” says Benjamin Harrison, the chief investment officer at Altor Capital.
“Our commitment is to honour the legacy of the JackJumpers while working to enhance its success both on and off the court.
"We look forward to partnering with the management team, the state government of Tasmania, the people of the state of Tasmania, and all stakeholders to build on the outstanding foundation that has already been established.”
Kestelman says the club has “demonstrated a compelling business case for professional basketball in Tasmania, achieving significant commercial and sporting success”.
“The team has become a key revenue driver within the NBL, consistently selling out MyState Bank Arena and cultivating a strong sponsorship and community engagement model,” he says.
“The investment from Altor Capital ensures the JackJumpers will remain on a strong growth trajectory. We have built a legacy piece for the state, and I am confident Altor will continue to uphold the club’s values and traditions while driving long-term sustainability.”
Altor Capital sees the acquisition as a high-value investment in sport and community infrastructure that the investment firm plans to build on.
“Our focus will be on strengthening the club’s infrastructure, enhancing the fan experience, and exploring avenues such as securing a Women’s National Basketball League (WNBL) team for Tasmania,” says Harrison.
Among the key plans put forward by Altor Capital following the acquisition is the expansion of MyState Bank Arena, also known as the Derwent Entertainment Centre, at Glenorchy to meet local demand for JackJumpers matches which have had a run of sold-out home games.
JackJumpers CEO Christine Finnegan sees the transition to independent ownership as a significant step in the club’s evolution from a startup franchise to a mature sporting business. She says the club’s ability to attract investment in just five years is a testament to its commercial viability and strong brand positioning.
“This new ownership structure provides an important platform for sustained growth,” says Finnegan.
“It reinforces our ability to compete with the best sporting clubs in Australia, both on and off the court. While we acknowledge this milestone, we want to assure our stakeholders that it’s business as usual as we continue to drive forward.”
Under Altor Capital’s stewardship, the JackJumpers also plans to expand into key revenue streams such as merchandise, digital engagement and additional partnerships.
The club says that Kestelman’s advisory role will also help maintain strategic alignment with the NBL’s broader commercial direction.
)
