'Haan's on': NBL, Kestelman sell Brisbane Bullets shares

• Queensland investor and businessman Ben Haan has acquired a "substantial ownership" stake in the Brisbane Bullets
• The move means the NBL and Larry Kestelman no longer own shares in the club
• Brisbane announced Stu Lash as their new head coach earlier this month

The NBL and Larry Kestelman have sold their remaining shares in the Brisbane Bullets as prominent investor and businessman Ben Haan acquired a "substantial ownership stake" in the club.

Chairman Jason Levien has also increased his stake with the Bullets, meaning the NBL and Kestelman, who revived the club in 2016 following its collapse in 2008, are no longer shareholders.

NBL owner Larry Kestelman no longer holds an ownership stake in any of the NBL's 10 teams after divesting the Tasmania JackJumpers and Melbourne United.

It was the crux of the complaint lodged by the owner of the Illawarra Hawks against Kestelman.

Haan is the founder and chief investment officer of Tectonic Investment Management Pty Ltd and according to the release from the Bullets "has expertise in high-growth investments and commercial strategy".

The release goes on to say Haan has previously been responsible "for the origination and execution of more than USD 1.5 billion of direct private equity investment at Swiss-headquartered global private markets firm Partners Group".

Levien, who has been part of the majority ownership of the Bullets ownership group since 2019, said Haan’s hands-on approach would continue to contribute to the club’s commercial expansion.

"Ben is a terrific addition to our ownership group,” he said.

“His commercial expertise and passion for the club have already made a significant impact.  I look forward to Ben contributing to build a great future for the Bullets."

Haan said he looked forward to being part of the Bullets ownership group and working on building a "strong financial foundation".

“The ownership group wants to engage more closely with our fans - as well as grow our overall member base - bringing a formidable ‘Blue Army’ of Bullets supporters to every home game,” he said.

Brisbane Bullets CEO Malcolm Watts said having Haan is a locally-based owner would be incredibly beneficial.

The news comes after US based company GameAbove Sports, a company focused on global sports business development and strategic investments, acquired an ownership stake in the Bullets in November. The group includes NBA legend George Gervin.

Brisbane appointed Stu Lash, who was previously the club's senior basketball advisor, as their new head coach earlier this month but is yet to make a big splash in NBL free agency after missing out on Matthew Dellavedova and reportedly being in the mix for the defensive-minded Sunday Dech before he signed a deal to return to the Perth Wildcats, where he started his professional career.

The Bullets signed Kiwi sharpshooter Taine Murray on a two-year deal last week.