at Now finally, a championship! ", Kestelman met Pahor five years ago, and was married for two decades before that to Liana Kestelman, also an accountant. Talking to superstars, being part of that atmosphere; that really put the fire in my pit, says the 24-year-old. Before he begins, he wants me to understand some context: "I don't like people who complain about how hard it is to create a career, or how work is tough, or how difficult it is to get somewhere in life. How do you offer a sporting product and a streetwear product? He decided to buy up the entire league with the intent of bringing it back to a prime-time TV slot, and putting Australian basketball back on the map. Help using this website - Accessibility statement, block a takeover offer from US-based investment company Coliseum Capital. His father was an electrical engineer and his mother was a gynaecologist. LK Property Group had its beginnings over two decades ago when founder and Chief Executive Officer, Larry Kestelman, began developing townhouses in suburban Melbourne. By the time Kestelman came across the league two decades on from its salad days it was financially bereft and almost irrelevant, with a disenchanted fan base, chaotic governance structure and little government support or corporate backing. Being in the company of professional athletes stirred something deep within him. The leather good and fashion retailer posted strong double-digit sales growth over the year, but is bracing for a slowdown in 2023. Kestelman has been watching the steady decline of basketball in Australia, despite the high level of talent, and had to do something. The days of us doing more boutique ones are behind us.. If necessary, he will keep fighting. One of the biggest successes for his vision was a new deal with Nine Entertainment Co to show a live match every week and Fox Sports to broadcast every game live. He began sponsoring the Melbourne Tigers NBL team in the early 2000s and acquired the team in 2012, immediately sacking head coach Trevor Gleeson. "I would be disappointed if we are worth less. The worlds richest people lost $2.1 trillion between them last year. At 50 storeys high, South Yarra's Capitol Grand will be the tallest building outside the CBD. Two years ago, he neatly combined his two major passions through a $200 million masterplan to redevelop the Derwent Entertainment Centre outside Hobart as a venue for Tasmanias new professional NBL team. Vacant bleachers on a TV screen will send a negative message. In addition to his impressive business credentials, Kestelman is widely involved in the community and has won a variety of awards and recognitions for his achievements in supporting multiple charities and initiatives. "I always like coming in a little bit from the outside. Australian stars Gaze, Bradtke, Vlahov and Heal needed no first names, nor did American imports like Bolden, Copeland, Bruton and Loggins. He grew up in Melbourne's south-eastern suburbs, attending Murrumbeena High School before going on to study accounting at Victoria College in Prahran. He co-founded internet service provider Dodo in 2001, which was bought out in 2013, and has interests in various other industries via his holding company LK Group. The markets will determine what we are worth. He would know. "The imports used to come down here and drop 50 points in a game," says Lemanis. A similar moment is approaching for basketball. Well now have in the group 250 free-standing stores and 117 concessions in department stores and a comprehensive online and wholesale business.. Rich Lister Larry Kestelman, with his son Justin. ", The Brisbane Bullets play the Chinese national team in a friendly on the Gold Coast in July.Credit:Getty Images, He guesses my first line of inquiry: "I'll begin by asking the question: Why basketball?". Kestelman believes he's the right man to help PAS Group evolve because of - not in spite of - the fact that he doesn't have hands-on experience running a retail business. He also made millions as a property developer. It was at this time when he made his first foray into property development, and Kestelman's star began to rise. Only soccer is bigger. Founder & Executive Chairman Group Andrej Lemanis, coach of the Australian Boomers national team (as well as the Brisbane Bullets), is more impressed by the concrete changes he sees on court. The NBL fed on that void, and by the early 1990s hoops were hot. Kestelman is the millionaire saviour of an entire sport, the Frank Lowy of basketball and potentially the man with the most at stake in Australian pro sport history. Hear his story on the How I Made It podcast. Kestelman has good reason to believe in ascendance: it's his life story. Teams had gone broke or merged, many were in debt of more than a million dollars. He cannot have that. 1 talking about this. What followed was a major facelift for the NBL. [3] The list included seventeen debutants. "It's a different ball game. While trying to renew an expired TV deal, Kestelman says he was "laughed out the door" by Channel 10. Staff reporter May 25, 2017 0 min read. And we want to manufacture quality products, so there will be uniform standards.". Crucial competitive baselines have been established in officiating and player salary. Why Choose Us Please try again later. Hancock Prospectings flagship Roy Hill mine delivers a $3.3 billion dividend despite weaker iron ore prices. He's gambling his reputation on the resurrection of a competition that only three years ago was on the brink of collapse. "If you are not wearing the First Ever uniform or apparel you will be potentially supporting operators selling poor quality goods at inflated prices without any concern for the game of basketball.". [3] Dodo was ultimately sold to M2 Group for $A204 million in 2014. The Brisbane Bullets play the Chinese national team in a friendly on the Gold Coast in July. By the 1990s Michael Jordan was the pre-eminent star athlete on the planet, but in an era without live streaming sport, Australian audiences could only catch glimpses of his talent on the nightly news. Follow the topics, people and companies that matter to you. A high-stakes trial involving two billionaires and royalties from Rio Tinto iron ore mines is set to go ahead. He did the same thing two or three more times, still working as an accountant. That's what you do you work. I love this sport and everything about it. "He is a control freak," says his son, Justin, laughing in the boardroom of the LK Group, the family business. His net worth was assessed at A$1.1 billion in the 2022 Rich List. Inside the NBL, says the game moved swiftly from one played in "tin sheds" in the late 1970s to one that was knocking on the door of major sports status by the '90s. [3], Dodo claimed revenues of $A80 million by 2005 and received a takeover offer from Telstra which was rejected. And he has. PAS Group and Brand Collective would operate as separate businesses, with Eric Morris continuing to run PAS and Caleb Brown running Brand Collective, but would collaborate on brand development. Mr Kestelman said First Ever would build a sustainable business model and "drive out the leeches who currently profiteer from grassroots clubs and mums and dads across Australia and bring basketball under a unified sports apparel brand that everyone will know keeps profits in the sport". Mr Kestelman has diversified his business interests considerably since selling the internet provider he established, Dodo, for $230 million almost a decade ago. Perhaps the name rings a bell from the latest Australian Financial Review Rich List,on which Kestelman ranks 85th with an estimated wealth of $749 million. Growing up an only child in the small port city on the Black Sea, he was carefree but poor; he collected discarded chewing gum wrappers and swapped them with mates like trading cards. "It's hard to describe," Gaze says. '. The owner of the National Basketball League and Melbourne property developer, Larry Kestelman, is the second highest debutant to make it on the Financial Review Rich List. Watching people threading necklaces with red coral, he would collect the tiny leftover fragments and make little bracelets to sell on the pier over the Tyrrhenian Sea. As a property developer with more than 20 years experience, Larry Kestelman founded LK Property Group to pursue exceptional design and develop dynamic living spaces. The man seems happy in the moment until he notices something amiss. After watching his son play basketball, Larry Kestelman liked the sport so much he bought the NBL.Credit:Kristoffer Paulsen. "I thought, 'Surely I can set this up as a proper, sustainable business,' " he says. Not overly political, they were nevertheless worried by what happened to anyone with an anti-communist bent. Roberts has a diverse number of investments including funds management and he is part of businesses such as AVWest and Warburton Group. We represent a lot of brands and were becoming more and more expert in taking brands to market, whether thats wholesale, online or retail. He bought a block of land in Caulfield South, subdivided it and sold it. It is the perfect place to hear his rags-to-Rolexes tale (although as far as watches go, Kestelman prefers the rose gold Audemars Piguet on his wrist today). "I don't agree with it," he said at the time. Vince Caligiuri. That is why development sites are attracting such a premium because they are so difficult to put together.. Last year Property Observer reported on the commencement of demolition for the Capitol Grand project in South Yarra. The Williams Road sites new owner is local developer JCL Prime, which will pursue the development with builder Henny. There's a neat parallel to be made with soccer, an international sport that has annexed huge territory in the Australian sporting landscape by harnessing its grassroots. "It was done quietly. Brand Collective had been on the market for about 12 months but the pandemic disrupted the sale process. It became time with the family, an uplifting experience, Larry says. Basketball is bigger in those terms than AFL or rugby, both of which are constrained by their geographic heartlands. I did the research, spent three months speaking to every association, mums and dads, and put together a business case that my father ended up buying into, Justin says. "We're starting a business from scratch. Drilling services group Imdex has agreed to pay about $330 million for Norway-based Devico and plans to fund it with a $220 million equity raising. ", Visibility is the primary focus of the league right now. When a good offer came in, we thought its probably time. He quit his job as a consultant to sell TVs on eBay for 1c. "This is what happens when you put a serial entrepreneur at the head of a sporting league.". The league has been rebranded and heavily marketed. Please enter your username or email address. Chairman. He befriends easily, turning people into advocates and then staunch allies. As we always do as a family, weve gone in boots and all, Larry says, a backdrop of basketballs and champagne jeroboams framing his office chair. It means the likes of Chris Goulding and David Andersen (two of the best players in Melbourne) will go head to head with Russell Westbrook and Paul George (two of the best players in the world). Become a Finest Partner As a new NBL season dawns, he looks forward to sitting together as a family, including his 83-year-old mother, and seeing other clans enjoying a couple of precious hours together. [11] He subsequently increased his stake in the NBL to 94 percent. Leah Akoka met Kestelman when she was 19 and he was 26. The Manly offering is part of family succession planning and follows Robert Magids sale of the Harbour Rocks Hotel in Sydney and the Hotel Lindrum in Melbourne. He retained the penthouse of the development for his own use. I wont fail him, and I wont fail myself.. "It just meant I had a little money for a slice of pizza and pinball. Agriculture Minister Murray Watt is in London reassuring the Brits over the FTAs impact on their farmers and the climate, amid a sluggish parliamentary process. More value was added to the site when a development permit was obtained, creating scope to develop a $100 million residential building with 21 apartments, overlooking nearby Como Park. (Aussie rules is presumably a meat pie, soccer a lamb roast and cricket a snag in bread.) [2] The combined wealth of the 200 individuals was calculated as A$342billion; compared with a combined wealth of A$6.4billion in 1984 when the BRW Rich 200 commenced. Mr Kestelman told The Australian Financial Review the acquisition of Brand Collective would lift the groups annual sales to about $550 million, increasing its exposure to footwear to about 50 per cent of sales and lifting retail sales to about half its revenue. A premium parking bay there recently sold for $200,000, while the biggest apartment 550 square metres with a 200-square-metre balcony is valued at around $25 million. "You would hear people had gone to jail," Kestelman says. (ABC News: Mary Gearin) A formal announcement from the Glenorchy City Council is expected in the coming days. The WiseTech founder has taken the home where he was born and raised completely off the grid to create a compound he shares with his family and childhood friends. Craig Ian Burton biography. He will live in the grand penthouse above it with his partner Anita Pahor, founding patron of the Red Cross Society of Women Leaders. This level of television exposure was a real game-changer in pushing the league into prime time. Lots of it (estimated worth: a lazy $750 million). The result was the HR firm Wall Street, where Akoka is now managing director. His default restaurant is Rockpool at Crown Casino. "There must be a way to do it. ", They spent six months in Italy, in Ostia, a small seaside town on the edge of Rome. The game is also strengthening again at the grassroots level. The size of the workforce, not including club staff or players, has quadrupled to over 500. Theres an odd new arrival on Perth Basin gas player Strike Energys shareholder register amid the takeover battle for Warrego Energy. His first job was an unglamorous accounts payable role for a tyre company. ", Kestelman seems ready. He is ranked 85 on the list behind the highest ranking debutant, Perth businessman Tim Roberts who is the son of Multiplex founder John Roberts who is ranked 62. But I'm a wog. He's done all of this with no guarantee that the league will ever be profitable. So part of that is looking at all your verticals, and as we did that we came to the conclusion that there was a lot of leakage away from basketball," Mr Kestelman said. "You find enough people you like and all of sudden you have this gang. Basketball has been that connector., Justin concurs: Basketball isnt a thing without him. "It's possible that we'll be in the extraordinary position of having to leave an NBA player out of the Boomers," Lemanis says. "Have you watched Australian Ninja Warrior?" Get the latest sports star inspiration, athlete "But Vegas is also a vision of something man creates from nothing," he adds. After that he spent more time each season in a courtside corporate box, with his son and cousin and friends, cheering alley-oops and reverse lay-ups. "We spent about two months on market research, talking to local teams, organisations and districts and the like. I can see the trajectory," he says. LK Property Group. With those empty seats filled, he settles in to enjoy the show. Staff scurry, spectators shift and it is done. First Evers slogan You Do You is a veritable declaration of identity. He drives a Bentley but prefers his Lamborghini, which he opens up at speeds of 245 kilometres per hour on Sandown Raceway. Become Our Ambassador. On a coffee table rests a gleaming model of his latest passion project. Jewish by birth but not at all religious, Kestelman is a member of none of Melbourne's exclusive boys' clubs except the Huntingdale Golf Club. "We're back to being a credible proposition," he says. Mr Kestelman, the founder of internet company Dodo and owner of the National Basketball League, owned 10 per cent of PAS Group before it went into administration and used the stake to block a. The nations miners, including Chris Ellison, enter the new year building on their huge fortunes, while its top tech entrepreneurs are nursing eye-watering losses. Finest Membership Plans "It's just not the way I operate." So hard. Anchorage bought Brand Collective from Pacific Brands in 2014 and bolted-on Shoes & Sox, a popular childrens footwear chain, four months later. ("If you understand that chain, you understand me. Bret Harris, who authored the 1992 book Boom! Larry Kestelman Greater Melbourne Area 5,294 followers 500+ connections Join to connect Report this profile Activity We are excited to announce the return of the NBLxNBA games, with the Adelaide. "Certain NRL clubs weren't attracting those numbers.". As a Ukrainian migrant, he was cajoled by his cousin into giving basketballs spectator experience a try in the 1990s, and it shocked him. Australias richest man, Andrew Forrest, says he is sad to see the chief executive of his private investment arm and philanthropic interests exit. When he first took Justin to a game he came away feeling like theyd been to a Harlem church where everybody went home with a spring in their step. He also owns 75% ownership of Philippine outsourcing and call-centre company, Acquire BPO. For his 50th birthday last year, Kestelman flew 35 people to the sun-kissed Italian coastal village of Amalfi. In 2017 they were each worth $2.51 billion. John Hancocks family has made a fortune mining iron ore. Larry Kestelman is the immigrant turned entrepreneur who co-founded phone and internet company Dodo, which sold for a cool $230 million. The Stokes familys Seven Group used creep provisions and now sits at 72.6 per cent, after a complex exchangeable notes deal. Kestelman debuted on the BRW Young Rich List in 2005 with Dodo co-founder Igor Gilenko, with a shared net worth estimated at A$87 million. [6], Kestelman debuted on the BRW Young Rich List in 2005 with Dodo co-founder Igor Gilenko, with a shared net worth estimated at A$87 million. Soccer did not rise simply on the back of a reinvented A League, or even because of the largesse of Frank Lowy. [3] The business grew rapidly with a focus on simplifying customer billing, including providing fixed-price plans and unlimited downloads. Boris Rosenvasser, Kestelman's right-hand man, started with him at Dodo in a sales support role and is now chief operating officer of the LK Property Group. I expected just a basketball game. Instead, he was wowed by the accompanying entertainment, the corporate aspect, and especially the predominance of families having fun. The world's richest people lost $2.1 trillion between them last year. After watching his son play basketball, Larry Kestelman liked the sport so much he bought the NBL. That's what we're going to try to do more and more communicate who's in the game and what they're about. LK Property Group is one of Victorias leading property developers in each category of luxury, five-star inner-city residential, and premium market development. Currently, he is proud of what he has achieved, stating hes well ahead of the three-year plan for the league. And I love the way it makes me feel.. Bega Cheese, which owns Vegemite, Dairy Farmers and Big M milk, says costs have jumped by $400 million as farmgate milk prices rise. ", The morning after the China game, I drop my shoes in a wicker basket on the dock and join the owner for breakfast. Larry Kestelman was criticised when he rebranded the Melbourne Tigers, a force in the NBLs boom years, as Melbourne United. $1 Million - $5 Million. Valarie "Larry" Kestelman (born 1966) is an Australian billionaire property developer and businessman. "It's gut-wrenching." Do you want to book an inspirational sports star for your next event, campaign, or experience? 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It had the advantage of a long lineage of players going into the English Premier League as well as a strong Socceroos outfit qualifying for World Cups. Kestelman's best guess is that the NBL will turn a profit in the 2019-20 season, his fifth year in control. Greece, he points out, won a European championship in the 1980s and was enveloped in basketball mania: "If the Boomers could finally break through and win that Olympic medal, look out.". He walks me through the abridged biography a few days later, in his 16th-floor penthouse office in Albert Park. "The majority of my friends I've known for a long time. Heres what hes learnt. The company was not fined but was ordered to compensate customers and carry out a trade practices compliance programme. His millionaire businessman father, Larry Kestelman, admits that his own passion for the sport also has familial roots. The purchase price was not disclosed. "Gee, it's going to be a hard task maybe the biggest challenge in Australian sport," says businessman David Hill, the former ABC boss, head of Soccer Australia and one-time chief of the North Sydney Bears NRL club. The 2019 FIBA World Cup in China and the 2020 Summer Olympics in Tokyo are only a few years away. His late father had 52 unsuccessful job interviews before landing work as a draftsman at the GM Holden plant in Fishermans Bend. His mother found work in the laboratory of the Red Cross blood bank. Co-founding internet provider Dodo (sold in 2013 for $203 million) shot Larry into Australia's richest 100. window['fe-co-email-widget-fe-co-email-widget_1'] = {"position":"middle","hasSeparators":true,"theme":"domain"}; Pre speech nerves, least the range looks ???? [12], Australian Competition & Consumer Commission, "Larry Kestelman: The Melbourne millionaire putting the bounce back into basketball", "Buyers fail to pay up in glittering South Yarra mega development", "Inside the birth and death of a junior telco M2 Group", "Larry Kestelman's LK Group snaps up Shoes & Sox owner", "Melbourne property developer Larry Kestelman the second highest debutant on Rich List", "Melbourne Tigers to change their name to United", "Larry Kestelman didn't buy a basketball club, he bought the entire NBL", https://en.wikipedia.org/w/index.php?title=Larry_Kestelman&oldid=1134039266, This page was last edited on 16 January 2023, at 18:41. Among his many achievements, the $500 million apartment complex Capitol Grand in Melbourne (with celebrity Charlize Theron the face of the project) and of course Dodo, the ISP Kestelman founded in 2001 and sold in 2013 for just under $230 million. Kestelman asks, eating his scrambled eggs with tomato and feta, the refracted light from the water dappling the wood panel walls of his boat. It's not the Mercedes it's the Commodore. This year, writers went behind the scenes and analysed the big themes that defined Australias year in business and beyond. He believes in me and trusts me, which is scary, but reassuring at the same time. Former teammate Lanard Copeland was blunter still: "It makes you sick to your stomach. You understand what tough is when you come from nothing. Australias richest person has warned the nations pensioners and others on low incomes will be forced to make difficult decisions as electricity costs rise. He fought against many of the top heavyweight boxers from the 1970s to the late 1990s such as Muhammad Ali and Joe Frazier, who he also used to spar with regularly. Justin Kestelman said the business would manufacture both in China and in Australia and that the firm's website had been built by a team of in-house developers. "I can't sit around and do everything by committee," he says. If you're granted an audience with Kestelman, it's not unusual for it to be held here. Or maybe as the name behind the Capitol Grand project in Melbourne's South Yarra, an uber-luxe $500 million apartment tower whose celebrity spruiker is Charlize Theron. The man is Larry Kestelman, a Ukrainian immigrant turned accountant turned property developer turned multi-millionaire businessman and possibly the only man in the Western world to own both a professional sporting league as well as teams within that league. Photo: National Basketball League owner Larry Kestelman took control of the NBL in 2015. For me that's a sore topic. "It's your average family, eating in front of the TV on Sunday night. Kestelman, who co-founded internet provider Dodo, is one of Australia's richest people, worth approximately $800 million. [4] However, in 2003 Kestelman and fellow Dodo director Mark Baranov were found to have knowingly engaged in "misleading, deceptive and unconscionable conduct", following an Australian Competition & Consumer Commission (ACCC) investigation into misleading advertising. His network is primarily the people with whom he works. With Financial review Rich Listers dotted throughout the room, its little wonder that Sydney Dance Companys Dance Noir fundraiser on Saturday night was one of its most successful ever. Luxury Residences in Milan: A Record-Breaking Half-Year! "Good on him for his determination, but it's a tough, tough gig. [Larry's] really selling a story. We are onto doing slightly bigger developments. "Just pick a bag," he said. Property was ever present, his developments expanding in unison with his capital base, from small subdivisions and townhouses at first to a 44-unit apartment block in Footscray and a 37-floor building in Southbank. He left when he was 11, after his highly educated parents Mum was a doctor running a large gynaecological clinic, Dad an electrical engineer decided they wanted a better life. List with Finest Residences exclusives, case studies, Pickstar news and more. The league will also offer discounted tickets and merchandise at NBL games for junior clubs and associations who buy First Ever products. A recutting of traditional team jerseys in step with the NBLs new era is planned, with a blue strip with a dominant M hanging on a First Ever wall a sign of whats to come. Kestelmans revamping of the NBL has led many of the best Australian players to return from overseas. The name stems from being my first-ever business, as cliched as it is, but also that were the first ever professional basketball league to own its own sporting label, Justin says. "We're all on a mission. Larry brings with him an extraordinary wealth of knowledge and experience in business development. (When China played in Melbourne a few days earlier, he was similarly livid when there was no logo-emblazoned media wall at the post-match press conference. "Liking someone is often stronger than being born connected to them," he says, leaning back in his chair. You will receive a link to create a new password via email. The 2020-21 NBL season is scheduled to begin in October, however Kestelman has admitted the start date could be pushed back if the COVID-19 situation has not eased. Were sorry, this feature is currently unavailable. Get In Touch Do you have a question about LK Group or one of our brands? He's really selling a story.". 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