Craig Hutchison’s Sports Entertainment Group is considering a $40 million offer for its NBL club, the Perth Wildcats, as an August deadline looms for his group’s multimillion-dollar debt repayment.
Craig Hutchison’s Sports Entertainment Group is considering a $40 million offer for its NBL club, the Perth Wildcats.who grew the franchise into one of the healthiest in the NBL with sellout crowds at RAC Arena in Perth during his 14-year ownership.SEG confirmed to the Australian Stock Exchange on Thursday that it had received a preliminary offer for a 90 per cent stake in the Wildcats with a put and call on the remaining 10 per cent.
The offer is from MT Arena Capital Investment which is associated with West Australian cybersecurity entrepreneur Mark Arena, who was also described as a Wildcats fans since childhood.The two parties made it clear that there was no certainty the deal would happen as it was subject to NBL approval, negotiations and agreement on the transaction documents.
“The NBIO is subject to a number of conditions including NBL approval and negotiation and agreement of transaction documents,” SEG said.The 90 per cent stake would be paid in two tranches of $21 million by no later than October 30, 2024, and $15 million no later than June 30, 2026, with a put and call option on the final 10 per cent.is a potential No.1 pick in next month’s NBA draft.
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