NBL Owner Larry Kestelman Faces Hostile Takeover Bid from Illawarra Hawks Owner Jared Novelly
A dramatic power struggle is unfolding in the National Basketball League (NBL) as Illawarra Hawks owner Jared Novelly launches a hostile takeover bid to oust current league owner Larry Kestelman.
Novelly, who also owns a stake in the East Asia Super League, sent a scathing email to the other nine NBL team owners, detailing his proposal to buy out Kestelman’s shares and restructure the league’s ownership.
The email, obtained by ESPN, lists several grievances against Kestelman’s ownership, including “secret Ambassador Agreements, gambling revenue, the sale of the JackJumpers, integrity concerns and financial transparency.”
Novelly’s proposal involves each of the 10 NBL teams purchasing a 10% stake in the league, with Kestelman retaining all proceeds from the sale of the JackJumpers.
However, Kestelman has responded defiantly, stating that the NBL is “not for sale” and that he remains committed to the league’s continued growth and success.
The takeover bid has sent shockwaves through the NBL, with tensions between Novelly and Kestelman reportedly simmering for months.
The drama unfolds just days before Game 5 of the 2025 NBL Championship Series, which features Novelly’s Hawks.
As the power struggle intensifies, the future of the NBL hangs in the balance. Will Novelly’s hostile takeover succeed, or will Kestelman manage to hold on to his ownership of the league?