Hoops Capital announces changes to ownership structure

Hoops Capital Pty Ltd, a multi-faceted basketball enterprise and owner of the Sydney Kings and the Sydney Flames, has announced changes to its ownership structure.

The changes will see Wollemi Capital Group (WCG), who invested in the organisation two years ago, assume the majority ownership share of the organisation from the TSE Group, who will maintain a minority shareholding.

Andrew Bogut and Luc Longley will remain at their current shareholding as well as continue their critical leadership roles, contributing to both the on and off-court culture at the club.

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Since assuming ownership in 2019, TSE has built an incredible legacy for the Kings and the Flames making remarkable progress.

Two championships, record attendances and sponsorship, an integrated structure of men’s and women’s teams, and the impending construction of a $20 million high performance centre are all part of the transformation into what is now known nationally as Hoops Capital.

Paul Smith, founder of TSE said, “our success is well known but there remains a long way to go and huge opportunities ahead.

"To reach full potential what is needed is for the organisation to continually evolve and grow.

“This orderly and strategic transition of shareholding to WCG is essential in ensuring that the ownership of Australia’s greatest basketball franchise is best placed for the long term.

“The time is right to hand over to the next generation of ownership, I will continue to be a passionate supporter and I look forward to watching the Kings and Flames go from strength to strength."

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Robyn Denholm, founder of WCG thanked Paul Smith and the TSE Group for creating an incredible legacy in Hoops Capital.

“Over the past two years our appreciation and excitement about the possibilities for the Sydney Kings and Sydney Flames has only intensified," Denholm said.

"We have amazing players, incredible coaches and passionate staff who are all contributing to a vibrant and dynamic organisation in Hoops Capital.

"We have the best members, fans and sponsors that are the envy of any professional sporting organisation.

“Basketball is the number one growth sport nationally, which represents a huge opportunity as we look to the next decade of growth for the Kings and Flames.

“We will work with Paul and the team towards a smooth transition and look forward to our expanded role in the organisation."

Hoops Capital is a business designed to capture the entire spectrum of basketball from the elite professional side to youth development via the Hoops Capital Academy.

The deal is expected to close at the end of April 2024.