The Sydney Kings today announced a new ownership structure that sets up the club for an exciting era amid the growth surge of Australian basketball.
The new structure will see Total Sport and Entertainment (TSE) assume a 50% share in the Kings. Current owner AEG Ogden will be joined by Australia’s largest live entertainment company TEG amongst the holders of the remaining 50%.
The new ownership group has a long-term commitment to transform the Sydney Kings into Australia’s premier basketball club and a platform for corporate support of basketball in Australia.
The pillars will include:
Under the new structure, TSE CEO Paul Kind will on an interim basis lead the day to day management of the Sydney Kings. Paul will bring over 25 years’ of experience in sports to this function.
Jeff Van Groningen has been appointed as the Sydney Kings Head of Basketball while Australian basketball legend Andrew Gaze will continue as Head Coach.
AEG Ogden Chairman and CEO Harvey Lister will continue as Chairman of the Sydney Kings, with Total Sports Entertainment (TSE) Chairman Paul Smith, TEG CEO Geoff Jones, and Paul Kind comprising the new Board.
Total Sports Entertainment (TSE) Chairman Paul Smith said: “The Sydney Kings are an iconic sporting brand in Australia and the NBL, aided by the enormous growth of the NBA, is a rapidly rising sport in Australia with broad appeal across youth, parents and young adults. The opportunity to join the ownership group is a great opportunity to invest in a sports asset with enormous potential.”
TEG CEO Geoff Jones said the new structure brings together a wide range of skills and experience from the sports and entertainment market, giving the Kings a solid foundation.
“We have assembled a group of business leaders with true global experience in sports management who enjoy a shared vision for the Kings franchise,” said Jones.
“Importantly we have collectively made a long-term commitment at this critical juncture in local professional basketball’s return to relevance here.”
Mr. Lister said: “The timing was now right to bring in complementary skills and capabilities to grow the business. AEG Ogden acquired the Sydney Kings two seasons ago to provide the Club with an opportunity to survive as Sydney’s only professional men’s basketball franchise in one of the most competitive and congested sports markets in the world.
“As the operator of Qudos Bank Arena, we were also in the unique position of being able to support the club by providing stability through a permanent long-term home venue, training court and administration base at Sydney Olympic Park through to at least 2031.
“This year, the new ownership group has demonstrated our commitment through the rebuilding of the playing roster and the inclusion of Andrew Bogut, arguably the most significant signing in the history of the NBL.
“These moves are all targeted at positioning the Sydney Kings to once again become a powerhouse in the NBL and one of the most recognised sports and entertainment brands in Australia,” Mr. Lister said.