Jared's Crest 'disappointed' takeover email was leaked

• Jared Novelly's extraordinary bid to oust NBL owner Larry Kestelman on eve of NBL Grand Final Game 5.
• Novelly proposes each club gets a 10% stake and seat on the board
• Larry Kestelman declares: "NBL not for sale".

NBL owner and CEO Larry Larry Kestelman has been forced to issue an extraordinary rebuke of Illawarra Hawks' billionaire owner Jared Novelly's reported "hostile takeover".

"The NBL is not for sale," Kestelman declared.

Crest Sports and Entertainment, of which Novelly is the chairman, then issued a statement of its own via email at 7.40pm on Friday, March 21, 2025 that said the reported buy-out of Kestelman wasn't a "hostile takeover".

"Crest is disappointed that a private email circulated to NBL club owners has been made public and inaccurately reported as a 'hostile takeover'," Crest said.

"The proposal sent by Crest was for the 10 NBL clubs to buy the NBL, resulting in each club holding an equal 10% ownership interest in the league and sharing equally in the profits made by the league. The proposal did not involve a takeover by Crest."

The Australian's Yoni Bashan reported on Friday, March 21, 2025: "On Thursday, (Novelly) mobilised a hostile takeover of the league to kick out Kestelman, emailing club owners such as Tesla’s Robyn Denholm, owner of the Sydney Kings, with a term sheet full of details of a buyout plan."

Novelly, who is the new US Ambassador to New Zealand and Samoa, wrote: "I will be filing multiple actions against NBLCO by the end of the month.

"I am taking one last shot to try to allow the current ownership to leave peacefully while saving face and reputation."

The revelation has now taken centre stage as the Illawarra Hawks prepare to face Melbourne United in the winner-takes-all Game 5 of the NBL Grand Final Series on Sunday, March 23, 2025.

Code Sports Basketball reports: "In the email, Novelly raises issues of alleged "secret Ambassador Agreements, gambling revenue, the sale of the JackJumpers, integrity concerns and financial transparency” and offers up terms for the takeover."

Kestelman, who has own the NBL since 2015, added: "We remain fully committed to the continued and unprecedented growth and success of the NBL."

Novelly's Takeover Terms:

• Each of the 10 NBL clubs would own a 10 per cent share with a seat on the new board.
• Kestelman would receive $1 million from each club.
• He would retain the proceeds of the $35 million sale of Tasmania JackJumpers.
• He would be given an ongoing position such as "honorary president" or a trophy named in his honour.

Brisbane Bullets are owned by Jason Levien, Perth Wildcats' Mark Arena, New Zealand Breakers' Matt Walsh, Sydney Kings' Robyn Denholm, South East Melbourne Phoenix's Romie Chaudhari, and Melbourne United's Chris Moore. They were among the group the email was sent to.

Novelly caveated his email with: "I apologise if this initiative offends you. That is very far from my intent, but I'm not willing to let the status quote continue and I see this as a reasonable path forward."

Kestelman, who has own the NBL since 2015, added: "We remain fully committed to the continued and unprecedented growth and success of the NBL."

Crest's Full Statement at 7.40pm on March 21, 2025

"Crest Sports and Entertainment LLC owns the Illawarra Hawks Basketball club which participates in the NBL. Crest wishes to address recent press reports regarding a proposed buy-out of the NBL.

Crest is disappointed that a private email circulated to NBL club owners has been made public and inaccurately reported as a “hostile takeover”.

The proposal sent by Crest was for the 10 NBL clubs to buy the NBL, resulting in each club holding an equal 10% ownership interest in the league and sharing equally in the profits made by the league. The proposal did not involve a takeover by Crest.  

This proposal was sent after many months of discussion about a restructuring of the NBL to achieve a fairer and more sustainable structure which would secure and promote professional basketball in Australia into the future.

It follows longstanding concerns by clubs regarding the current operation, management and governance of the NBL.

Crest is committed to the future success of professional basketball and is committed to working with the other Clubs to ensure the continued growth and development of the game in Australia."

Who is Jared Novelly

Jared Novelly is the Chairman of Crest Sports and Entertainment, Illawarra Hawks and Shareholder East Asia Superleague Basketball. The Australian reports that Novelly's wealth has been generated by the oil industry. He is the son of the late Apex Oil mogul Paul Novelly.

US President Donald Trump announced Novelly's appointment as the new US Ambassador to New Zealand and Samoa in late January via Truth Social.

Trump called Novelly "a highly respected philanthropist" and "He will fight hard to protect our Nation's interests in the Indo-Pacific, and always put AMERICA FIRST."

Novelly has owned the Illawarra Hawks since 2023.

Who is Larry Kestelman

Larry Kestelman, 58, acquired a majority stake in the NBL in 2015 for $7 million when the league was facing financial difficulties. During his tenure, he has revived franchises, negotiated improved broadcast deals, and elevated the league's profile both domestically and internationally.

The Australian businessman, who made his fortune co-founding internet service provider Dodo in 2001 and through property development, has consistently expressed his vision of building the NBL into one of the world's best leagues.

NBL Franchises

• Adelaide 36ers
• Brisbane Bullets
• Cairns Taipans
• Illawarra Hawks
• Melbourne United
• New Zealand Breakers
• Perth Wildcats
• South East Melbourne Phoenix
• Sydney Kings
• Tasmania JackJumpers

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