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NBL owner and Executive Chairman Larry Kestelman has announced a deal to sell Tasmania's reigning competition champions the JackJumpers to Queensland-based asset manager Altor Capital.

Announced yesterday during the JackJumpers' MVP awards night, the sales will see Altor initially hold a majority stake in the JackJumpers, before taking full control in two years' time.

Announcing the ownership transition, Kestelman stated “this is an exciting day for the NBL, the Tasmania JackJumpers and basketball in Tasmania.

“Together with the Tasmanian government and the community, we built this incredible club from the ground up in only five years and in that time the JackJumpers have become an integral part of the state and the NBL. They have enjoyed remarkable success on and off the court and brought so much joy to so many. From the outset the plan was to build a legacy piece for the state and something the community will have to support and celebrate for decades to come.”

Kestelman, who will remain involved with the club for the next two years, added “I am immensely proud of what we have been able to 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.

“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. In Altor, we have found a truly trusted and extremely capable new owner, which will uphold the club’s values and traditions, and fully embrace its unique culture.”

Committing to preserving the JackJumpers' culture and continued success, Altor Capital Chief Investment Officer, Ben Harrison noted “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.

"We will also ensure fans continue to have the best entertainment experience in the country, while strengthening the club’s infrastructure, and building on the incredible foundations that have been laid since 2020. We will continue to support the JackJumpers Advisory Board and Executive team in their desire to secure a WNBL team for the state of Tasmania.”

Another priority for Altor Capital will be the expansion of MyState Bank Arena at Wilkinsons Point on the River Derwent shore to increase seating capacity and address the ongoing demand for access to games following the team’s extraordinary run of sell-outs.

A part of the proceeds from the sale will go towards the development of the Wilkinsons Point precinct in Hobart which include plans for a hotel and convention centre.

JackJumpers’ Chief Executive, Christine Finnegan added “this ownership transition is a very important part of the JackJumpers journey from start-up to a maturing business which has quickly demonstrated its ability to compete with the best sporting clubs in the country on and off the court.

“This new ownership structure provides us with an important platform to continue to build on the club’s incredible successes as an independent licence holder in the NBL, and I am proud we have been able to demonstrate our investment value in only our 5th year in existence.

“This announcement is about a strong future for the JackJumpers as an independent body, and I would like to thank coach Scott Roth and all the current and previous staff and players that have helped build the club from its humble beginnings for this new and exciting phase.

“While celebrating and acknowledging this milestone, I want to ensure everyone understands it is business as usual for the club on and off the court as we focus on its future success. Our focus is on more community engagement and ensuring basketball continues to thrive in this great state.”

Interest in the club increased last year, following the team's history-making maiden championship run, as well as confirmation of Tasmanian Government funding towards upgrades of the Launceston Silverdome, followed by confirmation of a taxpayer-funded high performance centre for the team to be built at Kingborough, south of Hobart.

Under the JackJumpers' proposal, a women's team would play most of its games in the state's north and receive commensurate sponsorship funding to the men's team, which is currently $2 million per season.

The women's team could potentially be based full-time in the north, playing games out of a revamped Silverdome in Launceston and the new Devonport multi-sport facility, which is set to include a 2,000-seat show court.

The purchase price remains undisclosed.

Images: (Top, from left) Altor Capital's Benjamin Harrison, JackJumpers Chief Executive Christine Finnegan and NBL owner; fans at the MyState Bank Arena (middle, credit: Tasmania JackJumpers) and Devonport City Council's recently approved  development application for a new $60 million sports precinct, complete with show court for basketball (below, credit: Devonport City Council).

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