Craig Hutchison’s SEG sells major sporting team, shares leap double digits

Sports Entertainment Group has sold off a major Australian sporting franchise to a successful Western Australian cybersecurity entrepreneur.

SEG announced on the Australian Stock Exchange this week that it has signed a binding share purchase agreement for 90% of NBL team Perth Wildcats to MT Arena Capital Investment, a fund run by Mark Arena, a successful Western Australian cybersecurity entrepreneur “and Perth Wildcats supporter since childhood,” according to the ASX listing.

The staged sale will take place over two years at a $40 million enterprise valuation, with the first $21 million tranche payable by October 30, which will result in Arena holding a majority 52.5% share of the Wildcats by the time the 2024/25 season is in full swing. The offer is subject to NBL approval.