The takeover of the Perth Wildcats by Sports Entertainment Group has been completed, with the organisation confirming it has signed an agreement to purchase the club from Jack Bendat.
The purchase, for an undisclosed sum, brings to an end the 14-year ownership of the Wildcats by Dr Bendat, which produced six NBL titles, and helped save the league from bankruptcy.
According to ASX, consideration for the acquisition is $8.5 million before adjustments and will be funded from existing cash reserves.
SEG has proposed to dilute or divest its current 25% shareholding of Melbourne United.
The deal is subject to final NBL approval on July 30.
"The Wildcats are an iconic team, with a world record 35 successive finals series, and are even bigger champions in the community," SEG chairman Craig Coleman said.
"They've been a team that's served the state of WA with incredible pride and distinction and never lost sight of their impact on people's lives and putting smiles on faces.
"We see this as a strategic investment in a sport we've already enjoyed being part of, and hope to build on the incredible legacy of Jack Bendat.
SEG owns the Sports Entertainment Network, and its chief executive Craig Hutchison is chairman of reigning NBL Champions Melbourne United.
Mr Hutchison said he will step down from his role at United, but intended to retain a stake in the club.
United recently beat the Wildcats in the NBL Grand Finals series.
"We believe in the growth story of the NBL and stand with all clubs in growing the game under the leadership of Larry Kestelman."
Dr Bendat took control of the Wildcats in 2007 from former Perth captain Andrew Vlahov, and oversaw the most successful period in the club's already illustrious history.
During the 14 years Dr Bendat has owned the club, it has claimed six of its 10 NBL titles, while crowds have grown dramatically since the Wildcats relocated to Perth Arena in 2012.
"I've thoroughly enjoyed my time as chairman of the Perth Wildcats, but the time is right to move on. I have full confidence in the new owners to continue and build on the outstanding legacy of this iconic organisation."
