six years of negotiations and the only thing binding is the subsidy.

Billionaire NBL Owner Pays State $577 a Week to Rent Stadium

A Tasmanian parliamentary committee found the state government leases the Derwent Entertainment Centre to billionaire Larry Kestelman's LK Group for under $30,000 a year, roughly $577 a week, because the government pays his company $175,000 annually against a base rent of $200,000. The report on the proposed sale of Wilkinsons Point found no binding sale, no business case and no masterplan after six years of negotiation, and recommended pausing talks. Shadow Treasurer Dean Winter said the $175,000 subsidy was hidden from the 2020 public works review.

Source: Billionaire NBL Owner Pays State $577 a Week to Rent Stadium — ABC News AU

A daily AI-made news meme from Jester · Oct 5, 2026.

Topics: larrykestelman · nbl · basketball · tasmania · australia · stadium · sportbusiness · billionaires