Two years ago
Kestelman looking to sell majority of United stake
His first order of business is to sell the majority of his Melbourne United team, he reveals to The Australian Financial Review.
The club recently won the NBL championship in a thrilling five-game finals series against the Adelaide 36ers. Kestelman wants several buyers to take majority control in transactions that he believes could value United about $10 million.
United's triumph, Kestelman believes, makes it the right time for him to relinquish majority control and step down from the team he purchased six years ago when it was then known as the Melbourne Tigers. It will also help head off some whispers regarding a conflict of interest of an individual owning the league as well as its best team.Says he's spent tens of millions on the NBL.
To that end, Kestelman also claims he will be able to sell the Brisbane Bullets - also under his control since returning to the NBL two years ago – in the off-season as well.
But Melbourne United, which attracted regular crowds of 10,000 during the last season, is the much more attractive commercial proposition for now, says Kestelman, who wants to sell down about 70-80 per cent of the club and remain as a passive investor.
For story on the AFR site.