Bringing basketball back to life
Larry Kestelman shook things up after buying a majority stake in the National Basketball League in 2015, five years after purchasing the league's Melbourne club. Now the crowds, television audiences and buzz in basketball are back, and season 2018-19 is off to a cracking start.
BASKETBALL in Australia was in a bruised and battered state until Melbourne businessman Larry Kestelman shook things up after buying a majority stake in the National Basketball League (NBL) in 2015, five years after purchasing the league’s Melbourne club. Now the crowds, television audiences and buzz in basketball are back, and season 2018-19 is off to a cracking start.
BASKETBALL, BOGUT AND REBUILDING A BUSINESS
Ukrainian-born Jewish Melburnian Larry Kestelman has established and grown dozens of highly successful Australian companies over the years, but the Dodo founder and LK Property Group chief says entering the basketball business has given him a different kind of reward.
“It does feel different to running my other businesses,” Kestelman, 51, said. “I got into it because I thought I could fix it, but without a doubt there’s a very strong element of giving something back too – bringing back to life a sport that we can all be very proud of, and that we’re very good at.”
Kestelman became a lifelong basketball fan 18 years ago when he first took his family to a Melbourne Tigers NBL game as guests of his cousin, Michael Slepoy.
“We really loved it as an event and family outing – I thought that back then and I think that more so now,” he said.
“I’ve not been part of anything else where my 23-year-old son and my 83-year-old mother both go to every game with their friends – and when I look around the stands I see that passion and family appeal for the game repeated over and over.”
After sponsoring the club for a while, he decided to purchase it eight years ago and run it together with his son Justin [rebranding it Melbourne United] before buying a 51 per cent stake in the whole league in 2015 [now increased to 94 per cent] and reviving the Brisbane Bullets club, which is now under NBL ownership.
“The commercial offering was not very attractive – basketball had gone backwards and clubs weren’t particularly professionally run – but we sat down together as a family and thought how much we love the sport, what it does for families, and how we could apply our business nous.
“The first thing we had to do was figure out what business we’re in – and that was entertainment – and build everything around that so that win, lose or draw, fans would have a great time and leave feeling uplifted.
“And we really delivered on corporate hospitality – something I travelled to the US for, to see how the NBA does things.”
From a basket case in 2015 that was leaking supporters, money and facing no television coverage, the NBL had its best average match attendances for a decade last season, a record opening round attendance at the start of this season, a pre-season involving games between NBL and NBA clubs, new television deals with Foxtel and Channel Nine, and the return of Aussie NBA superstar Andrew Bogut who has joined the Sydney Kings.
“Andrew Bogut coming back is a huge coup for us, and he certainly wouldn’t have been able to do that in the old form of the NBL,” Kestelman said.
“I’m a big believer that if you continue to do the right things, good things happen, and his return is a real win-win outcome.
“He wanted to finish his career on a high in Australia, and I think he is the first trailblazer of many to do that.”
Kestelman said the mood is now upbeat in the NBL. “We’ve been very successful at bringing some of the best corporate brands and companies in Australia back into the sport, and more importantly, they’re very happy.
“I see it [the NBL] in five years being the leading Australian sport in summer, and the second best basketball league in the world.
“Basketball is something millennials connect with, so I truly believe it is the sport of the future.
“But we’re not for one second resting on our laurels – we know we still have a long way to go.”
SHANE DESIATNIK
NBL SEASON PREVIEW WITH BRAD ROSEN
NBL commentator and former Sydney Kings captain Brad Rosen shares his thoughts about the new NBL season.
Q. What excites you the most about the 2018-19 NBL season?
Rosen: I was lucky enough to be a player in the 90’s when the NBL was on a high and most games were sold out, but only five years ago this league was on its knees. Enter Larry Kestelman – who I call the messiah of our NBL – and his team, who have brought the game back to where it should be – a sport that’s talked about again. I’m so pumped for this season!
Q. What is your prediction for the Sydney Kings?
Rosen: The Kings had a good roster for the last two years but they underperformed. I feel they didn’t have every on-court position ticked, and were very poor in defence. I believe with the squad they now have, if they stay healthy and execute what they need to in defence, they will win the title. With point guards like Jerome Randle and Kevin Lisch, and big recruits Daniel Kickert and Andrew Bogut, there are plenty of points in them. But the pressure is always on.
Q. What is your prediction for Melbourne United?
Rosen: They won last year and I think they’re a great chance again, and their opening round win against the Illawarra Hawks that went into four periods of extra time was the best NBL game I’ve ever seen. But I think they’ve lost more good players than they’ve gained – particularly big forwards like Tai Wesley [now at NZ Breakers] and European import Casey Prather – so that could weaken them a bit.
Q. Which NBL team will win this season?
Rosen: I’d have to say the Perth Wildcats. I thought they were outstanding last year, making the semis despite having a few injuries. To me, they have been the leaders in recruitment in the offseason, signing quality Aussie players Mitchell Norton, Nicholas Kaye and Tom Jervis.
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