JackJumpers officially welcome Altor Capital as majority owners

The controlling ownership of the Tasmania JackJumpers has officially changed to Altor Capital Group, effective from 1 July 2025. 

Tasmania JackJumpers Chairman Steve Old said "on behalf of the Board, staff and all stakeholders, I'd like to formally welcome the Altor Capital Group to the club."

"We are thrilled to mark this significant milestone and begin a new, exciting chapter in the club’s history.  

“While the sale becomes official from July 1, the transition process has been taking effect over the past three months. Ben Harrison and his team have been working closely with the CEO and board to ensure a seamless handover and importantly, a comprehensive understanding of the role the JackJumpers play in the fabric of Tasmania, while also embracing the intricacies of running a professional, elite club that is deeply embedded in the community," he said.

The sale has seen Larry Kestelman step down from the Board of the JackJumpers, and the founding shareholder Cannes Properties Pty Ltd will retain a minority shareholding in the club for a two-year transition period .

“We would like to thank the NBL Team and Larry Kestelman for bringing their vision to Tasmania with the issue of the 10th NBL license in 2020. The club's overall success speaks for itself, and we are proud to have worked alongside our major stakeholders to build a strong foundation and ensure a seamless transition to new ownership.”

Speaking on behalf of Altor, Chief Investment Officer, Ben Harrison said “We are thrilled to reach this point in the sale process and to continue to work with and support all club stakeholders to ensure stability and continuity.

“We are committed to continuing to strengthen the Tasmania JackJumpers brand and impact for the sustained success of the club, both on and off the court.”

Finally, in stepping down from the Board of the club, Larry Kestelman said on behalf of the club, “we are proud of what has been achieved in such a short time, on and off the court. From connecting with and galvanising the Tasmanian community, to creating such a meaningful impact on the growth of the sport and what it means to all Tasmanians.

"The club's mantra, to Defend the Island, has been brought to life through strong community-driven values and a commitment to making sure Tasmania has a bright future on both the national and international basketball landscape.

"I am personally proud of what has been achieved and am confident the strong foundations we've built will serve the club and community well into the future,” he said.

The sale milestone begins an exciting new era for the Tasmania JackJumpers as the club prepares for the NBL26 season and beyond.

ENDS