), A little more than two years later, head office has switched from survival mode to an aggressive expansionist stance. 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. While he's best known as the face and founder of telecommunications and utilities provider, Dodo, the passionate Executive Group Chairman has . Many of the best Australian players Brad Newley and Daniel Kickert to name two have returned from Europe and Asia to join the rising domestic league. Larry Kestelman is the immigrant turned entrepreneur who co-founded phone and internet company Dodo, which sold for a cool $230 million. The initial AU$7 million investment Kestelman made is beginning to pay enormous dividends for the 52-year-old. His office walls are decorated with unopened bottles of expensive champagne, but he drinks vodka. But it's good noise, good trust. While establishing and selling Dodo was his biggest success, Kestelman's wealth has been built on diverse sources including offshore call centres, city construction companies, an amusement centre in outer suburban Dandenong, a pair of home security firms and a sports betting website. "But we've gone from the depths of despair to a position of immense optimism. 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. "The majority of my friends I've known for a long time. 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. 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. There is a big difference between the quick influence he's had and a quick financial return, but he can afford to be patient. This latest lockdown is a huge challenge for everyone but before the lockdown we were trading strongly and getting new licence deals.. While trying to renew an expired TV deal, Kestelman says he was "laughed out the door" by Channel 10. "We look at it as a matter of if," he says, "not when. 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. His days are literally planned to the minute. I love this sport and everything about it. "You can see it in dreamland, but probably not in this land where the football codes have such a cultural stronghold.". In a sense he's happy to gamble on one day securing both a commercial victory and a legacy. [2], .mw-parser-output .citation{word-wrap:break-word}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}^[note a]: By calculation, the 2019 list is the 36th edition published, despite the reference by Nine Entertainment that the list is the 37th edition published. "Torrey Craig only averaged 17 points.". We're selling entertainment. ", Harris, the author of Boom!, has seen what international success can do. [10], In 2015, Kestelman secured a majority 51 percent stake in the National Basketball League in exchange for a A$7 million equity stake. 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. Lemanis argues the NBL has rapidly become one of the world's toughest competitions. Staff reporter May 25, 2017 0 min read. On level 12 is the NBL. He says he named the leviathan ship Vegas because everyone's reaction to that shimmering desert city is a smile. "Since taking over the league we have been looking at all aspects of the business, and how we could build a proper sustainable business. 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. Help using this website - Accessibility statement. This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. 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. Luxury Residences in Milan: A Record-Breaking Half-Year! "Good on him for his determination, but it's a tough, tough gig. 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. If you're granted an audience with Kestelman, it's not unusual for it to be held here. 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. 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. What Kestelman achieved in that time is astonishing. I can see the trajectory," he says. 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. 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 describes the wheeling and dealing up until this point with near constant flights to China and the United States, with endless announcements and launches as something akin to "hand-to-hand combat". 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). That's how he sees the game, incidentally as showbiz, akin to a concert experience. The whole brand is about street individuality, says Justin. 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. Basketball is bigger in those terms than AFL or rugby, both of which are constrained by their geographic heartlands. The Financial Review Rich List 2019 is the 36th[note a] annual survey of the 200 wealthiest people resident in Australia, published by The Australian Financial Review on 31 May 2019. The $13 million Sunseeker motor yacht named Vegas is 37 metres long and has a fulltime crew of seven. After school, he studied accounting at a college in Victoria. ", He did not go to university, instead studying accounting at Victoria College in Prahran. Bret Harris, who authored the 1992 book Boom! ", Larry Kestelman: The Melbourne millionaire putting the bounce back into basketball. Often, when he meets someone he likes, he becomes their patron. "It's popular, but why? Do you want to book an inspirational sports star for your next event, campaign, or experience? It just reinforces the demand for sites in the Toorak Village precinct as being a great place to live for downsizers in Melbourne, Mr Cussell said, noting the relative scarcity of development sites in the area. Larry Holmes, also known as "The Easton Assassin", is a retired professional boxer with a net worth of $18 million. Today, we are developing Melbournes first six-star residential and retail precinct, Capitol Grand South Yarra, a pinnacle for luxury development. I wont fail him, and I wont fail myself.. We are onto doing slightly bigger developments. His first taste of Pepsi was heaven. ", He arrived in Australia when he was 12. Thats what really propelled our relationship, talking about something we both have such a passion for and a vested interest in.. Since taking over four years ago, the NBL has grown from strength to strength. (John Donegan/1826 for Domain). "This helps build a connection between the grassroots and elite levels of the game in Australia," he said. A render of the boutique apartment block proposed for the Williams Road site. ", With just one child and no siblings, Kestelman often talks about the importance of family. He's really selling a story.". His first job was in accounts payable department of a tyre company. In 2013 he sold his company Dodo for $230 million. | @nbl is back! "Well," he says, issuing his demand through a pause and flat stare, "we need to fill them. (Kestelman now owns 94 per cent of the NBL, after all the clubs bar Perth agreed to a recent share buy-back in exchange for a slice of media revenue. We used to have those awkward moments of silence where you dont always connect. The league has been rebranded and heavily marketed. "This is what happens when you put a serial entrepreneur at the head of a sporting league.". It's better than shovelling shit or cleaning toilets, but it's not easy It's hard work. Melbourne property developer Larry Kestelman the second highest debutant on Rich List. Follow the topics, people and companies that matter to you. The initial AU$7 million investment Kestelman made is beginning to pay enormous dividends for the 52-year-old. Property developer and Financial Review Rich Lister Larry Kestelmans LK Group has added footwear retailer Brand Collective to his portfolio. Vince Caligiuri. If Justin feels any obligation to succeed, its as much to himself as to his father. Andrew Forrest is investing millions of dollars in a moonshot that is aimed at fireproofing Australia. Larry Kestelman bought a majority stake in the NBL in 2015. He's talking with FC Barcelona Lassa and Maccabi Tev Aviv, for instance, but his unhidden abiding ambition is to see an NBA team play a game in Australia something that has never been done before. Roberts has a diverse number of investments including funds management and he is part of businesses such as AVWest and Warburton Group. As a teenager, Justin was teased as Dodo Boy; what he wore became his vehicle for expression. Photo: National Basketball League owner Larry Kestelman took control of the NBL in 2015. A high-stakes trial involving two billionaires and royalties from Rio Tinto iron ore mines is set to go ahead. Introduction . "She works across the more affluent part of the charitable sector," he says. WA premier Mark McGowan has secured donations resource companies, including Gina Rineharts Hancock Prospecting, to help pay for a new Aboriginal cultural centre in Perth. We sit quite literally at the tip of his empire: a dozen of his companies are headquartered physically below us. In 2017 they were each worth $2.51 billion. He nods approvingly as the players warm up to the dub-dub-dub of dribbled Wilsons and the peal of Nikes on pine. Well be one of Australias largest brand representatives, he said, citing Everlast, Lonsdale, Slazenger, Bluey and Marvel. His default restaurant is Rockpool at Crown Casino. LK Property Group is one of Victorias leading property developers in each category of luxury, five-star inner-city residential, and premium market development. Last year Property Observer reported on the commencement of demolition for the Capitol Grand project in South Yarra. "As an accountant you're actually lucky," he says, playing with a chrome fidget spinner. [3] The business grew rapidly with a focus on simplifying customer billing, including providing fixed-price plans and unlimited downloads. A potted history of the NBL might be instructive here, because although basketball was a basket case when Kestelman found it, the league was not always this way. Designed by architects Fender Katsalidis, the apartment project is expected to get under way early next year with completion due in 2025. Kestelman is barefoot with the top three buttons of his shirt undone. "This is my way of giving back to the Australian community," he says. I loved pinball. Sign up to our mailing list or contact us. 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. "I was more interested in fitting in. 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. ", Good for his future plans, too, for bringing big international clubs to play here. Kestelman's best guess is that the NBL will turn a profit in the 2019-20 season, his fifth year in control. Don't miss a thing! Help using this website - Accessibility statement, the $700 million Capitol Grand project in Melbourne's South Yarra. "Just pick a bag," he said. 'What I want is to set this up as a successful and sustainable sport,' says Kestelman, 'a place for true local heroes. After watching his son play basketball, Larry Kestelman liked the sport so much he bought the NBL. 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. 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. "It's a little bit of unreality, but it's real. How do you offer a sporting product and a streetwear product? [11] He subsequently increased his stake in the NBL to 94 percent. "I would be disappointed if we are worth less. ", Kestelman seems ready. In 2012 Larry decided that simply owning NBL franchise Melbourne United wasn't enough. Kestelman, who co-founded internet provider Dodo, is one of Australia's richest people, worth approximately $800 million. #NBLMVP, A post shared by Justin Kestelman (@justinkestelman) on Feb 13, 2017 at 2:31am PST. In the all-important Melbourne and Sydney TV markets, the entrenched AFL and NRL easily held the sporting gaze away from basketball. For his 50th birthday last year, Kestelman flew 35 people to the sun-kissed Italian coastal village of Amalfi. He took a 49 percent stake in the company, with Slepoy holding 28 percent and Gilenko 23 percent. [Larry's] really selling a story. At 50 storeys high, South Yarra's Capitol Grand will be the tallest building outside the CBD. He also owns 75% ownership of Philippine outsourcing and call-centre company, Acquire BPO. She is from UK. And I love the way it makes me feel.. "Basketball is roast chicken," he says. The combined wealth of the 200 individuals was calculated as A$342 billion; compared with a combined wealth of A$6.4 billio With those empty seats filled, he settles in to enjoy the show. Contact us by email, phone or post. Founder & Executive Chairman Group Pickstar shares the most inspiring, weird, and wonderful sports content from around the world, along with exclusive interviews and podcasts with sports stars and leaders in the sports industry. "You get to see a lot of businesses and how they succeed or the mistakes they make.". And he has. ", 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?". However, in Perth, the league still had great potential. 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. ", Kestelmans revamping of the NBL has led many of the best Australian players to return from overseas.Credit:Kristoffer Paulsen. A similar moment is approaching for basketball. ", Kestelman took over in early 2015, agreeing to pump $7 million in operating capital into the league once club owners allowed him his non-negotiable demand of a controlling stake. Kestelman has been watching the steady decline of basketball in Australia, despite the high level of talent, and had to do something. 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