The Iceman has taken his investments Down Under.
Basketball Hall of Famer George Gervin is part of a group that has purchased a roughly 10% stake in the National Basketball League’s Brisbane Bullets. Gervin is joining sports development and investment firm GameAbove Sports, which led the limited stake transaction. The investment pegs the NBL franchise valuation at $45 million, according to a source familiar with the deal.
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Jason Levien, who is also the CEO of Major League Soccer’s DC United and co-owner of Welsh soccer club Swansea City, will remain majority owner and chairman of the Bullets.
GameAbove Sports chairman Keith J. Stone and Gervin, two longtime friends who attended Eastern Michigan University, aim to take advantage of the business opportunities of the Bullets, which includes the franchise preparing to host the 2032 Summer Olympics and Paralympic Games.
Though there’s been recent controversy over the amount of government funding for the major infrastructure plan that includes new stadiums and facilities, the Bullets nonetheless expect to grow their visibility both locally and internationally during the lead-up to the Olympics after the Queensland capital city was awarded the Games in 2021.
GameAbove Sports, which is focused on youth sports, sports marketing and capital investments in emerging leagues like the NBL, is owned by holding company Capstone Holdings Inc. This is the latest investment for the GameAbove Sports, which bought a new Big 3 franchise this past summer and plans to base the team in Detroit to represent the state of Michigan.
This limited stake is noteworthy as the 10-team Australian league continues to experience growth coming off a new media rights deals with partners such as ESPN. The league, which is owned by billionaire real estate developer Larry Kestelman, has explored expansion domestically in the Gold Coast and in other outside territories like southeast Asia.
Gervin isn’t the first former NBA star to join the Bullets ownership group, which also includes three-time NBA All-Star Khris Middleton, Kevin Martin and Thaddeus Young. Other former NBA stars have also gotten in on the NBL action. Former New York Knicks star Carmelo Anthony announced this summer that he will be part of the ownership group for a future expansion franchise. He joins two-time NBA champ and NBL Head of Next Stars Player Initiatives Kenny Smith who will also be an owner as part of his deal.
