She shoots, she scores! Robyn and Victoria Denholm now own a whole basketball league

Tesla chair and Blackbird partner Robyn Denholm, has one-upped Atlassian’s Mike Cannon-Brookes, part owner of US NBA team the Utah Jazz, by buying an entire basketball league, the WNBL.

The deal between the Wollemi Capital Group Syndicate (WCGS) and Larry Kestelman’s National Basketball League (NBL) consortium to acquire a majority stake in the Women’s National Basketball League was signed last week.

From April next year, Denholm’s family office, Wollemi, will own 49% and the NBL, 29%. Basketball Australia retains the balance of the shareholding.

Denholm also has a 30% stake in the Sydney Kings men’s team and Sydney Flames in the WNBL. Her daughter Victoria, CEO of Wollemi, is the Flames president.

While no price was disclosed, the Australian women’s competition had been valued at up to $35 million.

The 15-week women’s season got underway recently, with the Flames currently seventh out of the eight teams.

Larry Kestelman owns 94% of the men’s competition, having originally bought in to the comp in 2015 and subsequently turning around the financially-troubled league.

The WNBL’s new co-owner, Robyn Denholm. Photo: Anna Kucera

The takeover was described as a transformative moment for Australian women’s sports.

“Women’s basketball in Australia boasts a remarkable legacy and an even more promising future,” Robyn Denholm said.

“We are thrilled to play a leading role in shaping its next chapter, providing the support and investment needed to elevate the sport for decades to come.”

Victoria Denholm said they want the WNBL to be a sporting powerhouse that reflects the popularity of the game for the many Australians playing it.

“Our League is home to some of the most talented athletes with inspiring stories,” she said.

“We are committed to amplifying these stories and elevating women’s professional basketball, ensuring it reaches new heights both on and off the court.”

Basketball Australia CEO Matt Scriven said it was an exciting stage of the long-term vision of the WNBL.

“The WNBL continues to attract world class talent and the level of commercial, attendance and audience engagement so far in season 24/25 demonstrates the opportunity ahead. We will continue to work closely with the consortium in ensuring that the momentum of the WNBL continues beyond the transfer in April next year.”

Larry Kestelman, said the WNBL is Australia’s oldest professional women’s sporting league.

“It deserves to be showcased on the same level as other elite competitions,” he said.

“This acquisition unlocks an exciting new era of growth, visibility, and opportunity for players, fans, and the sport as a whole.”

Alongside a love of sport, Wollemi Capital has invested in a range of Australian startups – most recently visa application platform Matilda Migration as well as plant-based materials startup Alt.Leather

The sector also has basketball fans from the sport, with basketball legend Andrew Bogut a regular angel investor.

With women’s sport gaining greater prominence across the board thanks to the success of teams like the Matildas and Alyssa Healy’s cricketers, the question now is whether the Denholms are tempted to follow in the footsteps of Cannon-Brookes, who also has a slice of the NRL as a co-owner of the South Sydney Rabbitohs, along with actor Russell Crowe and fellow billionaire James Packer.

Or maybe just buy the women’s league.