Larry Kestelman has reportedly spent at least A$35M to rebuild the NBL over the last three years.GETTY IMAGES
No Australian "has spent more money pursuing their sporting dream in recent years" than National Basketball League Owner Larry Kestelman, according to John Stensholt of THE AUSTRALIAN. The Melbourne property developer has reportedly spent at least A$35M ($24.7M) rebuilding the NBL in the past three years, and he is prepared to "shell out even more to achieve his goal of turning it into a world-class sporting body." While the NBL is "nowhere near getting the billion-dollar broadcast deals" that cricket, the Australian Football League and National Rugby League have, Kestelman "has struck a series of canny deals that have him poised to claw back a large amount of the cash he has outlaid on his beloved sport" and "put the NBL on a solid financial footing." He said, "I've put tens of millions of dollars into this business. But I truly believe, long term, it will be a good asset. We are in it for the long term and we will keep going in building a sustainable business." All the metrics "are heading in the right direction." The NBL has signed sponsorship deals with Hungry Jack’s, Kmart, Qantas, Chemist Warehouse and MG. Last season, the league attracted record total crowds of 762,871 -- up 16% in two seasons -- and cumulative broadcast audiences of 17 million, up 51% from the previous year. Most clubs "are playing to" about 90% "capacity of their home stadiums." Kestelman: "Crowds are not our problem anymore. The product is fantastic. Our biggest challenge going forward is media rights. We are still a novice in that space" (THE AUSTRALIAN, 10/6).
