AEG Ogden Buys Out Basketball Team

AEG Ogden, the Australian operating arm of AEG, has taken 100 percent ownership of the Sydney Kings basketball team after striking a deal with the team’s current group of 16 shareholders.

The change of ownership was fully endorsed by the National Basketball League. As a result, Sydney’s Allphones Arena becomes the new home of the team, with occasional games to be at the new ICC Sydney after it opens in December.

AEG Odgen venues that are home to NBL teams include Perth Wildcats at Perth Arena, Cairns Taipans at Cairns Convention Centre, and the Brisbane Bullets at the Brisbane Convention and Exhibition Centre and Brisbane Entertainment Centre.

AEG Ogden chairman Harvey Lister declined to reveal financial terms but said it was “a very substantial financial commitment to be able to make the Sydney Kings competitive both on and off the court.”

The company would invest “many millions of dollars” and hire more players and a new head coach with the aim of getting them into the finals.

Currently the Kings draw 7,000 to their games. Lister hopes to eventually build up to fill Allphones Arena’s 20,000 capacity. The Sydney Kings join the AEG-owned L.A. Kings, Ontario Reign and Manchester Monarchs. AEG also has a stake in the L.A. Lakers NBA team.

Lister says he wants the Kings to operate like an NBA team and would borrow ideas from the other AEG teams.