Having already purchased a 50% stake in the Sydney Kings last year, Total Sport and Entertainment (TSE) will now assume full control of the rapidly-growing NBL franchise.
TSE has purchased the remaining 50% stake held by TEG and AEG Ogden, who together have stabilised and rejuvenated the Kings over the past three years.
TSE Founder and Chairman Paul Smith will become the new chairman of the Sydney Kings and is delighted to take full control of the Kings after a record-breaking season for attendances and membership.
“This is a natural progression for the Sydney Kings,” Smith said.
“TEG and AEG Ogden have done a wonderful job in reviving the Kings and setting a strong growth trajectory.
“TSE has been hands-on in the project for the past nine months and now is the right time for an even stronger focus on the strategic and commercial objectives for the Kings.”
AEG Ogden and TEG have today welcomed the announcement of the new ownership structure.
AEG Ogden Chairman and CEO, Harvey Lister, said: “As the Manager of four home venues in the NBL, our plan three years ago when we acquired the Kings was to save it, turn things around and ensure the club had a strong, long-term future in the National Basketball League.
“We have just seen from the great year the Kings had in the NBL, making the finals and growing public and corporate audiences, that it is now set up for future growth.”
It was only last week that the club announced former Memphis Grizzlies executive, Chris Pongrass, as the newly appointed Chief Executive Officer.