The company said it was looking to raise further funds through the sale of shares in its sporting teams business.
“SEG is seeking to raise further funds for a share in its sports teams business,unlocking the strategic value created through its ownership of four professional basketball teams and one professional netball team,” the filing said.
Separate filings show the private sale of 4200 shares in exchange for $1.4 million,valuing the sporting assets business,SEN Teams,at $40 million.
The market capitalisation of the ASX-listed parent company,Sports Entertainment Group,sits at $54.8 million as of Thursday,according to Bloomberg.
SEN Teams houses the company’s five sporting teams:the new SSN team Mavericks,the Wildcats in the NBL,WNBL team Bendigo Spirit and NZNBL teams Otago Nuggets and Southern Hoiho.
West Australian William Bloking,a former prominent mining executive,bought a 1 per cent controlling stake for $400,000,while New York-based SEN sports analyst David Alcaro purchased a 2.5 per cent stake for $1 million.