The National Basketball League (NBL) has joined an Australian venture capital company to finalise an agreement to acquire a majority interest in the Women’s National Basketball League (WNBL).
From April 2 next year, the consortium between Wollemi Capital Group Syndicate, founded by Chair of Tesla, Robyn Denholm, and the NBL will assume control of the WNBL, Australia’s oldest professional women’s sporting league.
The agreement marks a significant moment for women’s basketball in the country.
While Basketball Australia retains minority shareholding, the landmark agreement will establish new investment and opportunities for women in basketball.
Robyn Denholm, Founder of Wollemi Capital Group, said she is “thrilled” to be playing a role in shaping the next chapter of women’s basketball in the country: “[It] boasts a remarkable legacy and an even more promising future…[we are] providing the support and investment needed to elevate the sport for decades to come.”
“There is significant work ahead to transform the League into the platform that our incredible female players, clubs, fans, and everyone involved truly deserve,” she said.
Wollemi Capital Group’s CEO, Victoria Denholm (Robyn’s daughter) said she wants WNBL to be “a sporting powerhouse” that reflects basketball’s position as “one of the most popular participation sports in Australia.”
“Our League is home to some of the most talented athletes with inspiring stories,” Victoria said. “We are committed to amplifying these stories and elevating women’s professional basketball, ensuring it reaches new heights both on and off the court.”
Last month, Denholm’s company partnered with the University of NSW to establish the NSW Elite Basketball Scholarship. The fund aims to help female players who are making significant contributions to the basketball community, both academically and athletically.
Describing the WNBL as the pinnacle of women’s basketball in Australia, NBL Owner and Executive Chairman, Larry Kestelman said the league deserves to be showcased on the same level as other elite competitions.
“This acquisition unlocks an exciting new era of growth, visibility, and opportunity for players, fans, and the sport as a whole,” he said.
For NBL CEO, David Stevenson, the sport is at its most powerful when it is united.
“Aligning the women’s and men’s competitions creates a fully connected ecosystem that will drive growth,” he said.
“The WNBL is home to exceptional athletes who are role models and heroes, and we are excited to partner to build a platform that celebrates their achievements while connecting with grassroots basketball to inspire the next generation.”
Stevenson explained the new strategy would include building deeper connections between the league and the community and growing the sport at all levels, thus creating a brighter future for women’s basketball in Australia.
“We will work to deliver a stronger, more competitive league that allows players to perform at their best while expanding the WNBL’s reach to larger audiences,” he said.
Basketball Australia CEO, Matt Scriven, said he has worked extensively with the ownership consortium to make sure that the growth and aspirations of the league will be supported into the future, adding, “The WNBL continues to attract world class talent and the level of commercial, attendance and audience engagement so far in season 2024 and 2025 demonstrates the opportunity ahead.”
“We will continue to work closely with the consortium in ensuring that the momentum of the WNBL continues beyond the transfer in April next year.”