Kestelman points out that, in Victoria at least, some were being held in front of a couple of thousand people at the State Netball and Hockey Centre. Kestelman asks, eating his scrambled eggs with tomato and feta, the refracted light from the water dappling the wood panel walls of his boat. 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. 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. Co-founding internet provider Dodo (sold in 2013 for $203 million) shot Larry into Australias richest 100. Being in the company of professional athletes stirred something deep within him. Larry Kestelman wants to stop parents and amateur sports participants getting ripped off by the "leeches" that sell uniforms and apparel to thousands of teams and clubs across the country without putting any money back into the sport. He has over 25 years experience in financing, developing, and managing resource projects and mining service businesses, with his financing work taking him to Canada and the UK for resource projects involving diamonds, nickel, copper . "I can't imagine that," Kestelman says, staring out the window. The combined wealth of the 200 individuals was calculated as A$342 billion; compared with a combined wealth of A$6.4 billio You'll find a way to get what you want or you don't want it bad enough. A Ukrainian migrant, Kestelman's rags-to-riches life story has made him a beacon for achievement in Australia's business, technology, property, and sporting landscape. For me that's a sore topic. Finest Membership Plans 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. The Financial Review Rich List 2019 is the 36th annual survey of the 200 wealthiest people resident in Australia, published by The Australian Financial Review on 31 May 2019. Gold Trip wins, followed by Emissary and High Emocean; Not a good day for Macquaries quants or Chanticleer; polar blast and hail didnt deter the punters (and the politicians). Now finally, a championship! "You can see it in dreamland, but probably not in this land where the football codes have such a cultural stronghold.". "Torrey Craig only averaged 17 points.". 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. But I'm a wog. He believes in me and trusts me, which is scary, but reassuring at the same time. There's also the uncontracted Andrew Bogut and the hugely hyped 2016 number-one draft pick Ben Simmons who, after missing a year through injury, will be unleashed on the league with the Philadelphia 76ers this coming season. "It was done quietly. ", Life was similarly difficult for his parents. [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? Larry Kestelman is the immigrant turned entrepreneur who co-founded phone and internet company Dodo, which sold for a cool $230 million. "Basketball is roast chicken," he says. Its happened in a hurry. He has an extraordinary wealth of knowledge and experience having achieved enormous success in Australia s business, technology, property and sporting landscape. 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. In this analogy, he says, rugby union is fillet mignon, rugby league is pork chops. Facebook; Twitter; Facebook Messenger; Pinterest; Email; print; Over the past five years, the NBL has made a stunning resurgence. And wealth brings an ability to influence the things you're passionate 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. "I was more interested in fitting in. Simon Beard says being an entrepreneur is like trying to make it to the NBA. window['fe-co-email-widget-fe-co-email-widget_1'] = {"position":"middle","hasSeparators":true,"theme":"domain"}; Pre speech nerves, least the range looks ???? His days are literally planned to the minute. #NBLMVP, A post shared by Justin Kestelman (@justinkestelman) on Feb 13, 2017 at 2:31am PST. "This is my way of giving back to the Australian community," he says. Already he has facilitated games between NBL clubs against NBA and Asian teams. Soccer did not rise simply on the back of a reinvented A League, or even because of the largesse of Frank Lowy. His estimated personal wealth is around $750 million. Mr Kestelman said there was scope for an IPO, particularly to fund further acquisitions, but he was also happy for the group to remain private. "), Yet his closest business partners are almost as important. "It's gut-wrenching." 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. Luxury Residences in Milan: A Record-Breaking Half-Year! 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. And I love the way it makes me feel.. Every network, every company, every contact.". Australias richest person has warned the nations pensioners and others on low incomes will be forced to make difficult decisions as electricity costs rise. 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. Larry Kestelman is on a mission to turn the National Basketball League into a going concern. ", Visibility is the primary focus of the league right now. He cannot have that. 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. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. When a good offer came in, we thought its probably time. While he's best known as the face and founder of telecommunications and utilities provider, Dodo, the passionate Executive Group Chairman has . "It's popular, but why? People tend to do the same thing over and over because it's just been done that way forever," he said. "I'm not saying the sport would have disappeared without me. He moved from subdividing residential lots to building townhouses, later expanding to large apartment blocks in Footscray and Southbank. We're on a mission to radically improve the quality of Urban communities being developed across Australia. 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. 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. 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. Kestelman's financial investment in basketball is not middling, either. "Since taking over the league we have been looking at all aspects of the business, and how we could build a proper sustainable business. Crucial competitive baselines have been established in officiating and player salary. The family emigrated when he was 11 years old as part of a wave of Jewish immigrants leaving the Soviet Union, living for six months in Ostia, Italy, before securing Australian visas. He's gambling his reputation on the resurrection of a competition that only three years ago was on the brink of collapse. The possibility of selling NBL television rights to overseas markets and even including Asian teams in the league is on the agenda. 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. Lately, that vested interest has added another dimension apparel group First Ever, which Justin is heading to the suite of companies Larry Kestelman oversees from his 16thfloor penthouse office in Albert Park. "It's a different ball game. He retained the penthouse of the development for his own use. His default restaurant is Rockpool at Crown Casino. But one thing's for sure, he's not done yet. Don't miss a thing! What Kestelman achieved in that time is astonishing. You have to.". "It's possible that we'll be in the extraordinary position of having to leave an NBA player out of the Boomers," Lemanis says. 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. Among the first-time billionaires are Computershare founder Chris. His office walls are decorated with unopened bottles of expensive champagne, but he drinks vodka. As that decade ended, the popularity of the NBA and NBL began to dip. In addition to his impressive business credentials, Larry is involved in numerous community initiatives and charities. ), Larry Kestelman is on a mission to turn the National Basketball League into a going concern.Credit:Kristoffer Paulsen. 'What I want is to set this up as a successful and sustainable sport,' says Kestelman, 'a place for true local heroes. He's done all of this with no guarantee that the league will ever be profitable. Scott Stavretis was hired in tech support at 20 and is now CEO of Acquire BPO. Theres an odd new arrival on Perth Basin gas player Strike Energys shareholder register amid the takeover battle for Warrego Energy. ), 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. "We spent about two months on market research, talking to local teams, organisations and districts and the like. Melbourne property developer Larry Kestelman the second highest debutant on Rich List. Property tycoons dominated this year's Financial Review rich list. Kestelman was born in 1966 in Odessa, Ukraine then lived in Italy before moving to Australia with his parents at the age of 12. We're selling entertainment. And before the NBL could nurture any nascent audience, the football codes awoke to the orange-ball threat and began playing more of their own games at night. 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. In 2021 it acquired footwear and fashion retailer Brand Collective, whose brands include Volley, Shoes & Sox, and Shoe Warehouse. He doesn't trust third parties unless he knows them well and then he trusts them completely. Designed by architects Fender Katsalidis, the apartment project is expected to get under way early next year with completion due in 2025. A man sits alone on a folding chair at centre court, smiling. That is why development sites are attracting such a premium because they are so difficult to put together.. At 50 storeys high, South Yarra's Capitol Grand will be the tallest building outside the CBD. 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. 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. He says he named the leviathan ship Vegas because everyone's reaction to that shimmering desert city is a smile. After watching his son play basketball, Larry Kestelman liked the sport so much he bought the NBL. Valarie "Larry" Kestelman (born 1966) is an Australian billionaire property developer and businessman. 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. [3] He debuted on the Financial Review Rich List in 2017 with an estimated net worth of A$749 million. The acquisition, from Phil Caves Anchorage Capital Partners, came less than a year after LK Groups private equity arm, Queens Lane Capital, bought womenswear retailer PAS Group after it fell into administration in 2020, an early victim of the pandemic. "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. [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. But its new sources of energy and the transition to net zero carbon emissions that are now captivating one of the Australias richest men. Raphael Geminder owns 47 per cent of the packaging group, which is investing $75m over three years to step up its green push. 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. Not overly political, they were nevertheless worried by what happened to anyone with an anti-communist bent. He offers freely his view that basketball can become the number-one sport in Australia. "You would hear people had gone to jail," Kestelman says. Now the crowds and buzz in basketball are back, and season 2018-19 is off to a cracking start. Kestelman will fund the trip. The markets will determine what we are worth. So he stands, finds an operations manager and raises the issue. "Good on him for his determination, but it's a tough, tough gig. Larry Kestelman. That's how he sees the game, incidentally as showbiz, akin to a concert experience. Basketball Andrew Forrest is investing millions of dollars in a moonshot that is aimed at fireproofing Australia. Craig Ian Burton biography. Please enter your username or email address. Apparently a ticketing snafu is responsible for the empty seats. #ballislife, A post shared by Justin Kestelman (@justinkestelman) on Oct 5, 2016 at 11:15pm PDT. Finest Marketing Services 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. Presently, Mr. Burton holds the position of Non-Executive Chairman at Grand Gulf Energy Ltd. and Executive Chairman for TSV Montney Ltd. Mr. Burton is also Member of Australian Institute of Co. Directors and Principal at Verona Capital Pty Ltd. and on the board of 6 other companies. 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. There are nine in the US league right now (and more on the way) including Patty Mills (San Antonio Spurs), Thon Maker and Matthew Dellavedova (Milwaukee Bucks), Dante Exum and Joe Ingles (Utah Jazz), Aron Baynes (Boston Celtics) and Mangok Mathiang (Charlotte Hornets). Vince Caligiuri. Thats what really propelled our relationship, talking about something we both have such a passion for and a vested interest in.. "He won't give anything to anybody. ", His first financial commitment was a longstanding sponsorship via Dodo of the Melbourne Tigers, which began in 2003. "Well," he says, issuing his demand through a pause and flat stare, "we need to fill them. The initial AU$7 million investment Kestelman made is beginning to pay enormous dividends for the 52-year-old. "Have you watched Australian Ninja Warrior?" Heres what hes learnt. After school, he studied accounting at a college in Victoria. Mr Kestelman said there were about 20 apartments yet to sell. Since taking over four years ago, the NBL has grown from strength to strength. Now Kestelman has international dreams for the league in the pipeline. ("If you understand that chain, you understand me. "If you end up in a marriage for 20 years and a big part of it is happy, and you have a beautiful son, you don't think of it as a failure. ", Kestelman grew up in the sleepy south-eastern suburbs, finishing his schooling at Murrumbeena High School. Then he began dipping into other ventures, co-ordinated from an office above a fish and chip shop in Elsternwick. The league has been rebranded and heavily marketed. "I can see that we're now getting the phone calls instead of making them." "It's your average family, eating in front of the TV on Sunday night. Buying the Melbourne Tigers in 2012, then the National Basketball League itself in . Do you want to book an inspirational sports star for your next event, campaign, or experience? A Ukrainian migrant, Kestelmans rags-to-riches life story has made him a beacon for achievement in Australias business, technology, property, and sporting landscape. I love this sport and everything about it. He would not have acted otherwise. As a teenager, Justin was teased as Dodo Boy; what he wore became his vehicle for expression. 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. Chris Ellisons Mineral Resources is talking up its takeover bid for Norwest Energy as Gina Rinehart continues to slug it out with Strike Energy in the battle for Warrego.