Anonymous
Years ago

Perth in, United out …

Sports Entertainment Group has today announced that it will acquire Wildcats and will sell down United.

Extract from ASX announcement below.

"Consideration for the acquisition is $8.5 million before adjustments and will be funded from existing cash reserves and available debt facilities and is expected to deliver a positive but immaterial contribution to future earnings.

SEG has proposed to dilute or divest its current 25% shareholding in Melbourne United and CEO and Managing Director, Craig Hutchison has resigned from his position as Co-Chairman of the team."

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Anonymous
Years ago

Smart move. Perth a more reliable commodity

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Another Anon
Years ago

$8.5m - how does that stack up against value of other clubs and even other sports in Aus?

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Anonymous
Years ago

Cheaper now than it would have been 18 months ago.

Assume they wanted to control the whole of a franchise, rather than being only a part owner in United and no real control given others involved.

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Anonymous
Years ago

SEG's shares are in trading halt at the minute ... we will see what the market says.

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Anonymous
Years ago

Shares up 10% in trading so perhaps the early view is that it's a good deal.

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Anonymous
Years ago

It certainly looks a good deal.

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LV
Years ago

Hutchy moves to the dark side...

$8.5mil, I guess something is worth whatever someone's willing to pay for it, but I wonder what analysis went into that price. Or how they reached the conclusion that's the value.

Presumably Perth is worth more than any other NBL club.

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proud
Years ago

I have long expected Bendat to buy a private jet for the Wildcats due to having large athletes travelling crazy amounts each season (thinking back to Jawai and how he was expected not to fly to NZ for a grand final game but did) and the effect that a plane for players, staff and coaches but I certainly see that idea going out the window, there is no way in hell Hutchy would be planning in doing things about travel

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Anonymous
Years ago

Cheap as chips.

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Giacontigers
Years ago

I thought the company owns both teams?

Are they selling Melbourne United¿

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Anonymous
Years ago

Yep, see announcement

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