'Neither publicised nor hidden': The story behind who owns the Illawarra Hawks

The company which owns the Hawks is headed by a reserved American businessman, Jared Novelly, who is heir to a US oil family from St Louis, Missouri.

Mr Novelly made news earlier this month, during a legal dispute over a $15,000 per week apartment overlooking Sydney's Hyde Park which he alleged had not been properly renovated and prepared for his occupation.

Despite being involved since a new ownership group took over in 2020, Mr Novelly has not appeared in the club's ownership materials, and has preferred to remain in the background as the major financial backer.

Read more: Illawarra Hawks owners Jared Novelly's rental stoush in $31m penthouse

"Mr Novelly does not actively seek or appreciate the publicity, preferring to view his role with the Hawks as a responsible and anonymous club steward and fan," a statement from the Hawks said.

"For that reason, his inclusion among the ownership group in 2020 was neither publicised nor hidden."

The team said Mr Novelly had indicated his status as an owner to other Hawks stakeholders, like "employees, fans, corporate sponsors, vendors, and league officials", and noted Hawks employees, including Brian Goorjian, had made several public statements referring to him as an owner.

Documents lodged with the corporate regulator ASIC show he has been the sole director and company secretary of Illawarra Basketball Club Pty Ltd since April this year - however, this does not mean he is the sole owner of the club.

ASIC files show that ownership of the Hawks was transferred to NBL owner Larry Kestelman when the club was put into external administration in early 2020, under a company called Illawarra Basketball Club Pty Ltd.

Read more: Illawarra management pours cold water on Hawks relocation murmurs

Later that year, in November, ownership of Illawarra Basketball Club was transferred from Mr Kestelman's company, LK Group Investments, to a new company, Hawks Basketball LLC (limited liability company), registered in Wilmington, Delaware.

Delaware is popular as a domicile because corporations don't have to pay income tax there unless they do business in Delaware. Companies registered in Delaware can be operated through an agent without giving out any publicly accessible information such as share ownership.

The Hawks statement from June 2020 announcing the ownership group did not mention Mr Novelly, who is now described as their majority owner, instead focusing on the ownership group of Dorry Kordahi, Bryan Colangelo and Michael Proctor.

Mr Kordahi left Illawarra Basketball Club Pty Ltd in April, according to ASIC, however in a statement that month the Hawks said he would "remain part of the Hawks ownership group".

"Confidentiality provisions in company documents prohibit The Hawks from providing specificity regarding ownership structure," the team's statement said.

"Still, Dorry Kordahi remains a shareholder in the team, as he has been continuously since the purchase.

"Since the passing of owner Mike Proctor in September of 2021, his family still own his shares.

"Bryan Colangelo was announced as an Advisor at the time of the purchase, and he retains certain privileges that have caused him to be variously mentioned as part of 'the ownership group'. Mr Colangelo retains those rights and privileges and has continuously since the team was purchased."

The US based ownership put the Hawks in a minority of Australian NBL teams that are not owned domestically.

Read more: Goorjian launches defence of successor amid Hawks early-season horror show

South-East Melbourne Phoenix, founded in 2018, which is owned by a US-based consortium headed by LA businessman Romie Chadhaurie, and including US NBA players Dante Exum and John Wall.

The Brisbane Bullets are also majority owned by a US investor based in Delaware. The NZ Breakers owners are also based overseas.

These ownership details come amid jitters about the team's future and continued location in the Illawarra.

However these were put to rest by a statement from the club this week, which refuted reports that the NBL planned to move the Illawarra Hawks to Sydney in 2026.

"Rest assured, these are baseless rumours," the club said.

"They are both factually untrue and without any credible substance. The Illawarra Hawks have no plans to move the team from the Illawarra; to the contrary, we are taking steps to solidify our relationship with the region for decades to come.

"The Hawks are the league's only remaining foundation club. We are proud of our history, foundation status, and the regions we represent."

Illawarra fans are familiar with talk of instability over the club's ownership and its place in the region, after it has been brought back from the brink a number of times.

The previous owners put the club into administration, and the new ownership group started by removing the name "Illawarra" at the behest of the NBL.

It caused club legend Mat Campbell to say the league did not understand how much home means to people of the Illawarra, and the region's name was returned to the team after a membership drive.

Private ownership of sporting teams has not been as common in Australia as in the US, where it is the almost exclusive norm.

Most Australian teams evolved out of community clubs or associations, but private ownership of the NBL has come about because Mr Kestelman thought it was necessary to save a league that was on its knees.