Illawarra Hawks owner James Spenceley has announced he has sold his stake in the club.
In a statement posted on Twitter, the businessman revealed he has sold his share of the club to minority owner Simon Stratford.
“After a wonderful almost 4 years,” Spenceley wrote. “Announcing that I have sold my interest in the Illawarra Hawks to co-owner Simon Stratford.
“Simon has the time and passion to take it to the next level. Thanks to everyone who has made the journey great .. go hawks go!”
The telecommunications entrepreneur bought the club in July 2014 after five years of a member ownership model that was highlight by constant financial pressure.
After a wonderful almost 4 years, announcing that I have sold my interest in the @illawarrahawks to co-owner Simon Stratford @steakN3veg. Simon has the time and passion to take it to the next level. Thanks to everyone who has made the journey great .. go hawks go !— James Spenceley (@JamesSpenceley) February 6, 2018
Spenceley’s reign at the club included the signing of premiership-winning coach Rob Beveridge and a trip to the NBL Grand Final in 2017.
Spenceley has previously spoken of a three-year plan to win an NBL title by the conclusion of the current season.
Stratford bought a minority stake in the Hawks in 2015, a year after Spenceley purchased the club.
The Illawarra Hawks will release a statement this afternoon.