Allens is proud to have advised the LK Group on the sale of the National Basketball League's (NBL) Tasmania JackJumpers to alternative asset manager, Altor Capital.
Altor Capital will acquire 51% of the club in mid-2025 before assuming full ownership after a 24-month transition.
A substantial proportion of the sale proceeds will be reinvested by the LK Group into the NBL and its clubs, as well as the development of the Wilkinsons Point precinct in Hobart.
'We are pleased to have continued our work with the LK Group on the sale of this much-loved Tasmanian team, which will provide continued momentum for the sport of basketball in Tasmania and the wider community,' said lead partner Mark Malinas.
'We look forward to continuing to watch the NBL continue to grow its fan base and see the JackJumpers flourish under their new owners in Altor Capital.'
The Allens team worked closely with Group General Counsel of the LK Group, Jeremy Zwaigoft.
'We were delighted to partner with Allens once again on this important transaction. Allens delivered professional, timely and strategic advice throughout the negotiations, and kept us well ahead of the curve, even when working to an accelerated timeline,' Zwaigoft said.
'This deal secures the JackJumpers' future with Altor Capital and supports the NBL's commitment to growing the game of basketball across Australia and internationally.'
The transaction continues Allens' work with the NBL and LK Group, with the firm having also advised the NBL on its investment in the WNBL in 2024.
