The Perth Wildcats could be set for new owners, with the Craig Hutchison-led Sports Entertainment Group receiving an offer to buy the NBL club.
The Wildcats confirmed on Thursday that MT Arena Capital, led by Perth-based tech entrepreneur Mark Arena, had submitted a non-binding indicative offer.
Arena is a lifelong Wildcats fan.
It's believed Arena's offer is to purchase a 90 per cent stake in the club across two years, with the enterprise value reportedly $40 million.
Hutchison's SEG bought the Wildcats in July, 2021, from long-time owner Jack Bendat, who died seven months later at the age of 96.
The Wildcats are a powerhouse club of the NBL, regularly attracting crowds of more than 10,000 fans to their home games at RAC Arena.
Although an offer has been submitted to buy the Wildcats, it is by no means a done deal.
"The offer is subject to a number of conditions, including NBL approval and negotiation and agreement of transaction documents," the Wildcats said in a statement.
"There is no certainty a transaction will eventuate and neither SEG nor MTACI will be making any further comments at this stage.
"SEG will keep the market and Wildcats fans informed in accordance with its continuous disclosure obligations."
Perth will be the centre of attention for Australian basketball fans when it hosts the inaugural HoopsFest in September.
The four-day festival, the NBL's version of the AFL's Gather Round, will result in all of the league's round-one matches being played in Perth.
The event will also feature a WNBL tournament and an under-18 Australian club championships.
The Wildcats will host South East Melbourne Phoenix in a Friday night blockbuster at RAC Arena on September 20.
