NBL owner Larry Kestelman pays Tasmanian government $577 a week to rent stadium after government rebate
A parliamentary report reveals that billionaire Larry Kestelman's company is leasing a Tasmanian stadium for less than $30,000 a year due to government rebates. The report criticizes the lack of a binding sale or business case after six years of negotiations.
Why it matters
The situation raises concerns regarding the management of public assets and transparency in government-private sector deals.
Larry Kestelman, National Basketball League owner, pictured at the Derwent Entertainment Centre in 2020. ( ABC News: Luke Bowden )
A report has found Larry Kestelman's company is effectively leasing the Derwent Entertainment Centre from the Tasmanian government for less than $30,000 a year — around $577 a week.
Mr Kestelman is a property developer and owner of the NBL, and is in talks to buy the venue and surrounding Crown land.
The report also found that despite years of negotiations between the Tasmanian government and Mr Kestelman's LK Group, there is no binding sale, no business case and no agreed master plan.
Link copied Share Share article The Tasmanian government has effectively been leasing out a stadium to property developer and NBL owner Larry Kestelman for less than it would cost to rent most houses in the area, a parliamentary report has found.
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