Larry Kestelman, the owner and executive chairman of the NBL, has firmly rejected claims that the league is up for sale following attempts by Illawarra Hawks owner Jared Novelly to remove him from his position.
According to a report by ESPN, Novelly sent an email to nine other team owners on Thursday suggesting he would initiate “multiple actions” against NBLCo before the month concludes. He is also urging Kestelman to distribute his shares equally among the league’s ten franchises.
In his correspondence, Novelly expressed major concerns regarding Kestelman’s ownership, citing issues such as “secret Ambassador Agreements, gambling revenue, the sale of the JackJumpers, integrity matters, and financial transparency.”
Tasmania celebrates its NBL championship victory with owner Larry Kestelman. Getty
The ESPN article mentions that Novelly refers to a KPMG Report that “indicates a history of NBLCo miscalculating the Club distribution, the substantial profits generated by LK Group companies from NBL related activities, inconsistencies with related party transactions, and opaque procurement processes that favoured LK Group entities.”
This development led to a statement from the NBL.
“We are fully dedicated to the ongoing unprecedented growth and success of the NBL,” Kestelman asserted in his statement.
“The NBL is not for sale.”
Kestelman has held the majority ownership of the NBL since 2015.
This news arrives mere days before the fifth game of the 2025 NBL Championship Series.
Compiled by SportArena.com.au.
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