Total Sport & Entertainment has announced that Wollemi Capital Group has purchased a 30% stake in Hoops Capital, the company’s basketball business that includes the Sydney Kings and Sydney Flames.
Wollemi Capital Ground will bring business acumen, a strong corporate and government network and importantly a passion for basketball. The sale will also bring 2 strong & successful women, Robyn and Victoria Denholm, to the sports ownership group in Australia.
Hoops Capital Chairman & TSE founder, Paul Smith said the agreement marked a major milestone for the growth of the Hoops Capital, its vision and the future of basketball in Sydney and Australia more broadly.
“This an important milestone in the long-term planning and development of professional basketball in Sydney and Australia,” Mr Smith said. “The opportunity to be joined by Wollemi Capital Group as we build a truly complete basketball business is something I am personally thrilled by.”
“We are delighted to have Robyn join us in her capacity as founder of the Wollemi Capital Group. With her corporate acumen and experience, she will be an asset to our board. She joins us alongside Matthew and Victoria who bring a clear passion for both men’s and women’s basketball in our ownership. I think this diversity will ensure we are in a great place to achieve something very meaningful over the next 20 years.”
Ms Denholm reaffirmed this is a clear commitment by Wollemi Capital Group for the future betterment of the sport of basketball.
“We are blown away by the vision and work that Paul Smith and the entire Hoops Capital organisation has done,” Wollemi Capital Group founder and director Ms Denholm said.
“We are particularly impressed with the commitment to diversity shown by being the only organisation in Australia with both female and male basketball teams at the highest level. Wollemi Capital Group is excited to be creating a long-term partnership.”
TSE took 50% ownership of the Sydney Kings in 2018, full ownership in April 2019 and acquired the Sydney Flames in April 2020. Andrew Bogut took up an ownership option following his retirement in 2021.
TSE founder Paul Smith recognised sports rights in Australia were undervalued in Australia when he returned from the US to transform the business in 2017. Following the purchase of Kind Agency, bringing Paul Kind into TSE as CEO, the two set out to acquire team rights as part of a new business strategy.
Ownership has resulted in the following business benefits;
- It has allowed for the diversification of TSE, a business founded on sponsorship leverage and activation and now a full service creative and commercial sports agency
- It has showcased the agencies capabilities to drive sustainable revenue, build profile and create a winning culture
- It has built TSE’s corporate and government network way beyond what a traditional agency model could ever achieve
While the complete story of success is long, some of the critical elements of success include;
- Diversification of the sporting club business model. TSE has evolved the model from ownership of a single elite team, Sydney Kings, to a multifaceted basketball business that includes the Sydney Flames, Hoops Capital Academy while laying the foundations for an expansion into facilities management & leverage basketball fans love of music & fashion
- A strong and resilient team culture requires the right blend of leadership across the executive, the coaching staff and the teams themselves. Among the many key factors in driving this, the involvement of Luc Longley & Andrew Bogut has provided unrivaled experience and added considerably to overall success
- Chairman, Paul Smith’s passion and unwavering commitment to represent the Club publicly, his ability to build a corporate and government network and his push toward a big future have been important
- Strong, sustainable revenue growth
TSE will continue to play an important role in the operation of Hoops Capital, providing design, videography, marketing, event & sponsorship management services.
