Two weeks ago
Grant Kelley sells stake in the 36'ers. Club valued at $7.2m
A consortium of international and local investors has bought a 19 per cent share of the Adelaide 36ers, potentially freeing up the basketball franchise's chairman and owner Grant Kelley for a run at the soon-to-be-vacated Adelaide Crows chairmanship.
Led by Adelaide 36ers General Manager of Basketball Jeff Van Groningen, the group’s most significant investor is Canadian sports marketing businessman Jacob Burke, while former prominent Nashville music executive, Dale Bray, now based on the Gold Coast, is also part of the group.
Additional investors from Spain, New Zealand, the United States and Australia bring added sports and business experience to the group.
The equity interest was sourced to provide for future expansion of the 36ers and is based on an initial valuation for the Club of $7.2 million.
I don't know if the article is saying the new ownership group is lead by JVG.
But it's good that the club was able to find new deep pocketed investors.
Onwards and upwards from here.
Personally I find the $7.2m valuation rather high, but I am not privy to the books.