Sports Entertainment Group confirmed signing a binding share purchase agreement and shareholders agreement for the staged sale of Perth Wildcats Basketball to MT Arena Capital Investment.

Sports Entertainment Group, which currently holds a 95% indirect share in the Wildcats, announced that the sale would be conducted in multiple stages over the next four years, with an enterprise valuation of $40 million.

The sale agreement specifies that MTACI will first acquire a 52.5% interest for $21 million by Oct. 30.

The move will be followed by a put-and-call option allowing MTACI to purchase an additional 37.5% for $15 million by June 30, 2026.