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.

SEG has staged a comeback over the past year, refinancing its debt in February, and seeing its share price jump by close to %50 in the past six months, with prices rocketing 13.46% overnight after the Wildcats sale was announced.

It was a successful deal all around for managing director Craig Hutchison, who scored the team in 2021 for just $8.5 million.

SEG’s sporting teams business, SEN Teams, owns a number of sporting clubs, including NZNBL team the Otago Nuggets, WNBL teams Bendigo Spirit and Perth Lynx, and the Super Netball team Melbourne Mavericks.

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Nathan Jolly

Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.

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topics Craig Hutchison MT Arena Capital Investment NBL Perth Wildcats Sports Entertainment Group Sports Entertainment Network

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