The Sydney Kings’ primary owner, Hoops Capital, issued a statement on a change in the club’s ownership structure that will result in Paul Smith’s TSE Group giving up its position as the club’s main owner.
The Sydney Kings and Sydney Flames are owned by Hoops Capital Pty Ltd, a multi-faceted basketball organisation, which has announced modifications to its ownership structure.
The TSE Group, which will continue to have a minority stake in the company, will cede its majority ownership to Wollemi Capital Group (WCG), who made an investment in it two years ago.
In addition to holding their present shares of stock, Andrew Bogut and Luc Longley will continue to play important leadership roles that influence the club’s culture both on and off the court.
TSE has established an amazing legacy for the Kings and the Flames’ outstanding advancement since taking over ownership in 2019.
The transition to become what is now referred to nationally as Hoops Capital includes two championships, record attendance and sponsorship, an integrated structure of men’s and women’s teams, and the upcoming construction of a $20 million high performance complex.
“Our success is well known, but there remains a long way to go and huge opportunities ahead,” stated TSE founder Paul Smith.
“For an organisation to operate to its greatest capacity, it must constantly develop and expand.
“The ownership of Australia’s top basketball team needs to be transferred to WCG in an orderly and deliberate manner in order to guarantee long-term success.
“I will remain a devoted fan and I am excited to watch the Kings and Flames grow stronger. The time is right to pass the torch to the next generation of ownership.”
The founder of WCG, Robyn Denholm, expressed gratitude to Paul Smith and the TSE Group for leaving a remarkable legacy in Hoops Capital.
“Our admiration and enthusiasm for the potential for the Sydney Kings and Sydney Flames has only grown over the last two years,” Denholm stated.
“At Hoops Capital, we have outstanding players, outstanding coaches, and enthusiastic employees who all contribute to a lively and active company.
“We are the envy of any professional sports organisation because we have the best sponsors, members, and supporters.
“As we look to the following decade of expansion for the Kings and Flames, basketball represents a significant opportunity as the sport with the highest growth rate in the country.
“We look forward to our expanded role in the organisation and will work with Paul and the team towards a seamless transition.”
Designed to encompass all facets of basketball, from the elite professional game to young development through the Hoops Capital Academy, Hoops Capital is a business.
It is anticipated that the purchase would close by the end of April 2024.
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