Sports Entertainment Network (SEN) confirms it has concluded its final divestment of ownership in Melbourne United, selling the last 5 per cent of its legacy stock in the team on a $30m evaluation.
SEN, which purchased the Perth Wildcats in July 2021, owns four basketball teams – the Perth Wildcats, the WNBL’s Bendigo Spirit, and New Zealand NZNBL teams Otago Nuggets and Southern Hoiho.
A dynamic sports and entertainment business connecting brands with fans across multiple platforms including radio, television, digital, print, stadium and events, SEN had originally owned a 25% stake in Melbourne United from 2018 to 2021. It began its selldown post the Wildcats acquisition and completed the remaining 5 per cent in recent months.
Brett and Shaun Ralph, prominent team owners across multiple sports, will increase their stake in Melbourne United to 15%.
SEN’s three-year ownership of Melbourne United proved successful both on and off the court, including multiple finals appearances and the ultimate success of a Championship in 2021. It recently also concluded its sponsorship management for the organisation which produced a vibrant sponsorship portfolio with great brand partners.
SEN Chief Executive Craig Hutchison said “We look back on our ownership of Melbourne United with really fond memories. To be a part of the 2021 Championship was an incredible moment for our business. The club is in great hands with Brett, Shaun and the other owners led by chairman Simon Hupfeld. We wish Melbourne United every success.
“Our entire ownership focus has been and is with the Perth Wildcats where we own 100 per cent of the team and will continue to invest to give Wildcats fans every opportunity to continue on an extraordinary legacy of sustained success.”