In 2012 Larry decided that simply owning NBL franchise Melbourne United wasn't enough. You might have heard of him as the man behind Dodo, the Melbourne-based internet service provider that he co-founded in 2001 and sold in 2013 for $203 million. Last December, his vision was being jotted on sticky notes of producing playing gear for every basketballer from entry level to NBL, with a percentage of sales injected into junior development, and a streetwear label with the games youthful, be-yourself vibe. In a bona fide first, the Sydney Kings will play the Utah Jazz, Melbourne United the Oklahoma City Thunder and the Brisbane Bullets the Phoenix Suns. Official page of Larry Kestelman - Owner of the Australian National Basketball League & Executive Group. "It's a little bit of unreality, but it's real. He believes in me and trusts me, which is scary, but reassuring at the same time. ", Good for his future plans, too, for bringing big international clubs to play here. Kestelman himself grew up on soccer and ice hockey, but as he watched his boy play basketball each week and took the teenager to NBL matches, he, too, began to love a game that was once described to him as "the roast chicken of Australian sport". In the new millennium, interest continued to wane. Meet the National Basketball Leagues Kestelman family: together, they live and breathe the competition. 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. 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LK Group operations span Australia, the United States, India, the Philippines, and the Dominican Republic. Posts Videos Tagged 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 takeover offer from US-based investment company Coliseum Capital three years ago. [3] He debuted on the Financial Review Rich List in 2017 with an estimated net worth of A$749 million. The differences between Andrew Forrest and Gina Rinehart on energy shine a light on the dilemma facing a nation blessed with oil, gas, and the sun and winds needed for renewables. But I'm a wog. Teams had gone broke or merged, many were in debt of more than a million dollars. 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. ", Life was similarly difficult for his parents. "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.". You might as well have come from the moon. Larry Kestelman is a serial entrepreneur whose limitless enthusiasm for business has bred a winning culture throughout the expanding portfolio of companies over which he presides. This site is protected by reCAPTCHA Enterprise and the Google .css-k6dhax{-webkit-transition:text-decoration 0.2s linear color 0.2s linear;transition:text-decoration 0.2s linear color 0.2s linear;color:#0EA800;-webkit-text-decoration:none;text-decoration:none;cursor:pointer;}.css-k6dhax:hover,.css-k6dhax:focus,.css-k6dhax:active{color:#1B7B10;-webkit-text-decoration:underline;text-decoration:underline;}.css-k6dhax:hover,.css-k6dhax:active{outline:0;}Privacy Policy and Terms of Service apply. After school, he studied accounting at a college in Victoria. Well now have in the group 250 free-standing stores and 117 concessions in department stores and a comprehensive online and wholesale business.. His default restaurant is Rockpool at Crown Casino. Talking to superstars, being part of that atmosphere; that really put the fire in my pit, says the 24-year-old. A handful have even gone directly from the NBL to the NBA. "As an accountant you're actually lucky," he says, playing with a chrome fidget spinner. The Australian losers included Melanie Perkins and Mike Cannon-Brookes. There is no bitterness. He says he lives "in the honour of his parents", and that the most important thing in his life is to set an example for his son. Two floors down, on level 13, is the LK Property Group, headhunting agency First Avenue, investment capital firm Oxygen Ventures, his digital content creators Newsmodo and HR provider Wall Street. 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. He worked hard, though, and on the advice of a family friend made his first foray into property, the field that would make him wealthy. "), Yet his closest business partners are almost as important. And I love the way it makes me feel.. How do you offer a sporting product and a streetwear product? 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. "One person at a time, one battle at a time," he shrugs. LK Property Group. "The imports used to come down here and drop 50 points in a game," says Lemanis. But its new sources of energy and the transition to net zero carbon emissions that are now captivating one of the Australias richest men. On a coffee table rests a gleaming model of his latest passion project. "It's popular, but why? His estimated personal wealth is around $750 million. LK is currently building the Capitol Grand project in Melbourne, which will consist of 500 plus apartments over 50 storeys. A similar moment is approaching for basketball. By 31, Ruslan Kogan had landed on the Financial Review Rich List after building online retail group Kogan.com. 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. Please try again later. Finest Marketing Services He placed his $7 million offer to take control of the league, and after some resistance, it was his. Either way, if you follow athletic pursuits in this country, you'll soon come to know him as the white knight of the NBL. Larry Kestelman is a serial entrepreneur whose limitless enthusiasm for business has bred a winning culture throughout the expanding portfolio of companies over which he presides. Down on level one, the office of First Ever is buzzing. "You find enough people you like and all of sudden you have this gang. "He just ignores that noise. 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. Being in the company of professional athletes stirred something deep within him. Rich Lister Larry Kestelman has sold off a residential development site in the heart of upmarket Toorak for a record $26 million, collecting a tidy profit after aggregating the land only two years ago. 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. The 50-year-old owner of Australasia's professional men's basketball league, the National Basketball League (NBL), didn't coax China's national basketball team here to play in friendlies this one against the Brisbane Bullets on the Gold Coast only for viewers at home to think no one cares. He set out a 100-day plan to revamp every aspect of the league. The possibility of selling NBL television rights to overseas markets and even including Asian teams in the league is on the agenda. 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. The result was the HR firm Wall Street, where Akoka is now managing director. ", With the NBL, Kestelman is close to getting what he wants. A high-stakes trial involving two billionaires and royalties from Rio Tinto iron ore mines is set to go ahead. As that decade ended, the popularity of the NBA and NBL began to dip. "We look at it as a matter of if," he says, "not when. Thereve been a few sleepless nights worrying about how to make it sustainable, but I feel were coming out the other end now, Larry says. 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. Among the first-time billionaires are Computershare founder Chris. Find out more HERE. 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. The markets will determine what we are worth. 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. The size of the workforce, not including club staff or players, has quadrupled to over 500. 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. Learning the game and loving it, he continued funnelling money into the club as needed, until buying the team in 2012 seemed like a natural progression. The initial AU$7 million investment Kestelman made is beginning to pay enormous dividends for the 52-year-old. Listen for free. [5], Kestelman's holding company is the LK Group. window['fe-co-email-widget-fe-co-email-widget_1'] = {"position":"middle","hasSeparators":true,"theme":"domain"}; Pre speech nerves, least the range looks ???? More than a million adults and children play club basketball in Australia, making it the second most popular participation team sport in the country. A render of the boutique apartment block proposed for the Williams Road site. 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. Kestelmans revamping of the NBL has led many of the best Australian players to return from overseas. PAS Group owns the Review, Black Pepper and Yarra Trail brands and the Designworks wholesale business, and licenses brands such as Everlast, Lonsdale, Slazenger, Mooks and Bluey. Soccer did not rise simply on the back of a reinvented A League, or even because of the largesse of Frank Lowy. 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. "We're all on a mission. 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). ("If you understand that chain, you understand me. #TeamFE #nbl19, A post shared by Justin Kestelman (@justinkestelman) on Aug 27, 2018 at 1:18am PDT. Help using this website - Accessibility statement. Brand Collective and PAS Groups wholesale operations supply major retailers, including Wesfarmers Kmart and Target chains, Myer, David Jones and Harris Scarfe. [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. Such stories are not uncommon. As of 2017 his interests outside of property included Philippines-based call centre provider Acquire BPO, recruitment agency First Avenue, investment firm Oxygen Ventures, digital content firm Newsmodo, human resources firm Wall Street, customer loyalty provider Infinite Rewards, and software companies eCal, eTaskr and Saisei. So in 2015 he instead struck a five-year broadcast deal with Foxtel to screen every game live. Luxury Residences in Milan: A Record-Breaking Half-Year! But Mr Kestelman said there was also a business purpose to the endeavour, which also serves as his son's first venture at the helm of a division of the family corporate empire that also includes the $700 million Capitol Grand project in Melbourne's South Yarra. He has a blindingly successful property career, was founder of Dodo internet company and is the proud, beneficent owner and commander-in-chief of the NBL. Why Choose Us "I was more interested in fitting in. The leather good and fashion retailer posted strong double-digit sales growth over the year, but is bracing for a slowdown in 2023. His late father had 52 unsuccessful job interviews before landing work as a draftsman at the GM Holden plant in Fishermans Bend. [10], In 2015, Kestelman secured a majority 51 percent stake in the National Basketball League in exchange for a A$7 million equity stake. (Aussie rules is presumably a meat pie, soccer a lamb roast and cricket a snag in bread.) [3] The list included seventeen debutants. For his 50th birthday last year, Kestelman flew 35 people to the sun-kissed Italian coastal village of Amalfi. Leah Akoka met Kestelman when she was 19 and he was 26. Larry is the founder and director of Oxygen Ventures, and a lead investor in Saisei. At 50 storeys high, South Yarra's Capitol Grand will be the tallest building outside the CBD. He would know. But Mr Kestelman, whose LK Property Group has developed landmarks such as the $700 million Capitol Grand in South Yarra, already had his eye on larger projects, such as plans for an office tower at Cremorne, a trendy inner-city suburb in the south-east. Craig Ian Burton biography. ", The morning after the China game, I drop my shoes in a wicker basket on the dock and join the owner for breakfast. "Good on him for his determination, but it's a tough, tough gig. 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. We represent a lot of brands and were becoming more and more expert in taking brands to market, whether thats wholesale, online or retail. The purchase price was not disclosed. Craig Ian Burton is Non-Executive Chairman of the Board of Cradle Resources Ltd . Larry Kestelman is the immigrant turned entrepreneur who co-founded phone and internet company Dodo, which sold for a cool $230 million. You will receive a link to create a new password via email. ), A little more than two years later, head office has switched from survival mode to an aggressive expansionist stance. And he has. ", His first financial commitment was a longstanding sponsorship via Dodo of the Melbourne Tigers, which began in 2003. "There must be a way to do it. Gina Rineharts Hancock Prospecting has outlined growth plans in energy, agriculture and so-called green minerals after posting a $5.8 billion profit driven by iron ore mining. ", That gang is the crux of his entire business model. ", Rebranding the club Melbourne United in 2014, Kestelman faced an immediate backlash and not just from fans. A serial entrepreneur, Larry is best known for founding Australian-based telecommunications and utilities provider, Dodo, which he . New executives were appointed, new sponsors were found, a new logo, and a new Brisbane team was formed. 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. 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. If necessary, he will keep fighting. As a Ukrainian migrant, he was cajoled by his cousin into giving basketballs spectator experience a try in the 1990s, and it shocked him. "Once he thinks what he is doing is right, it doesn't matter what people think of him," says Nick Marvin, former CEO of the Perth Wildcats. The league has been rebranded and heavily marketed. "So now we're a basketball company and a media company and an events company," says Loeliger, shaking his head. The Kahlbetzer family is walking away from farming in Argentina after a record-breaking asset sale and will try to recapture some of its former glory in Australian agriculture when the time is right. Mr Kestelman said Queens Lane Capital was searching for more acquisitions and licensing deals with the aim of boosting annual revenue by about 20 per cent a year and eventually considering an initial public offering. larry kestelman net worth. The rise in Atlassian's share price means they are each worth $5.16 billion now. "Torrey Craig only averaged 17 points.". ), A year ago the NBL took on broadcast production, too, meaning Kestelman now oversees not only the league itself but the way it's packaged, presented and promoted on screens. 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. Excellence in design and a commitment to client satisfaction is paramount toLK Property Groups values Partner with some of Melbourne and the worlds leading architects, such asBates Smart, Rothelowman and Bruce Henderson, we deliver solutions that consistently exceed expectations. Either way, if you follow athletic pursuits in this country, you'll soon come to know him as the white knight of the NBL. He nods approvingly as the players warm up to the dub-dub-dub of dribbled Wilsons and the peal of Nikes on pine. "Let's not pretend we can win," he says, smiling. Get In Touch Do you have a question about LK Group or one of our brands? "We spent about two months on market research, talking to local teams, organisations and districts and the like. LK Property Group is one of Victorias leading property developers in each category of luxury, five-star inner-city residential, and premium market development. While living in a Melbourne housing commission flat, a young Ruslan Kogan honed his selling skills, making a buck selling golf balls and washing cars. (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. 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. ", Harris, the author of Boom!, has seen what international success can do. Reigning champions Perth at least came close to selling out its 13,500-seat stadium for every match, while Melbourne United is back playing games at Hisense Arena. Basketball has been that connector., Justin concurs: Basketball isnt a thing without him. Now the crowds, television . An entire bay of empty seats. His support for the game is both an act of civic philanthropy and an investment. [2], "Australia's 200 richest people revealed", "The Australian Financial Review Rich List Reveals Wealthiest 200", "Australia's wealthiest have become 50 times richer in my lifetime", "2018 AFR Rich List: Who are Australia's richest people? Former teammate Lanard Copeland was blunter still: "It makes you sick to your stomach. He began sponsoring the Melbourne Tigers NBL team in the early 2000s and acquired the team in 2012, immediately sacking head coach Trevor Gleeson. #ballislife, A post shared by Justin Kestelman (@justinkestelman) on Oct 5, 2016 at 11:15pm PDT. [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. The masterplan includes a four-and-a-half-star hotel up to 40 metres or about 12 storeys high and up to 250 rooms at the northern end of the precinct. 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