'Bigger and better': WNBL, Capitals celebrate 'monumental' ownership deal

After the upcoming 2024-25 season, an ownership consortium made up of the Wollemi Capital Group Syndicate and the NBL will acquire a majority interest in the WNBL, and from April 2 next year, officially take control of the league.

While Basketball Australia will maintain a minority interest in the league, the move shifts the WNBL's operations to be closer aligned with the NBL.

"It is hugely exciting news for the WNBL and for the Canberra Capitals," team boss Carrie Graf told The Canberra Times.

"It will couple the WNBL with the success, reach, growth and media presence of the NBL.

"The combination of the two will position the WNBL to really thrive in the coming years and bring women's basketball in this country back to the forefront.

"The WNBL was a leader in Australia as the first national women's professional sporting league, and being 40 years old it's lost a bit of its mantle in terms of profile.

"So this news will have big positive implications for the league and the Capitals."

Since businessman Larry Kestelman took majority ownership of the men's league in 2015, the NBL has experienced huge growth and it's expected that the latest deal will bring similar rewards to the WNBL.

Not since the 1990s basketball boom has the NBL been such a success as it is today, as marked by last season's feat, attracting one million fans to games for the first time since 1996.

"If you look at the shift with the NBL's presence, from broadcast, commercialisation and attendance since Larry Kestelman has taken over, that will be some of the blueprint," Graf said.

"I think we'll see some significant shifts for the WNBL. It'll take time, these things don't happen overnight, but it's a monumental moment for the WNBL and for Canberra."

The director of sport at the University of Canberra said it was a credit to Basketball Australia and the consortium to broker the deal that has been "long overdue", with the separation of the sporting body and the commercial competition to benefit all.

"The work on the concept of the WNBL being governed in a different way has been two years of a lot of work by a lot of people, but it's been a long time coming," she said.

"Professional competitions have outgrown being operated by national sporting organisations.

"Basketball Australia can now focus on national teams, development and participation.

"The WNBL and women's basketball can use this as a launch pad to go to bigger and better heights."

Basketball's popularity has reached new heights in Australia of late with world-class talent exported to the NBA, WNBA and other international leagues.

However, few WNBL teams - just one in fact, the Townsville Fire - operate with a profit, which has limited the potential of the league.

Until now.

Kestelman said he aims to revitalize the WNBL just as he did the NBL, which is now considered a top league internationally, and attracts elite emerging and experienced players.

"We are proud to be part of a group that will now have an opportunity to rethink what the best version of the WNBL can look like, and set the direction for the future as we did for the NBL," Kestelman said.

"The female athletes in the sport, as well as younger girls aspiring for greatness, deserve better and we believe we can, with time, deliver something to be proud of, but do not underestimate the work and challenges ahead."

The Wollemi Capital Group Syndicate is an investment firm founded by Tesla Motors chair Robyn Denholm, who is also a co-owner of the Sydney Kings and Sydney Flames.

"Women's basketball in Australia has a phenomenal history and an even brighter future," Denholm said.

"We are excited to be a major part of the syndicate that will guide the future direction, as well as provide the right level of support and investment needed in the sport for decades to come.

"There is much work to be done to transform the league into a platform that our amazing female players, clubs, fans and all involved richly deserve."

The Capitals are currently plotting what their roster for next season will look like with locking in Opals youngster Jade Melbourne a priority.

Kristen Veal standing down has handed the coaching reins to assistant and former head Paul Goriss, and Graf hinted that there may be some good player signing news as soon as next week.

"In roster building you have to wait for things to drop which can be a little frustrating but we're waiting with baited breath on some decisions," Graf said. "Fingers crossed we'll have some news next week."