Craig Hutchison’s Sports Entertainment cashes in on sports teams

SEG has faced heightened pressure after reporting a $9.3 million loss in FY23, with its deadline for the $28.7 million approaching in August.

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The company’s auditors issued a warning in November over SEG’s ability to survive should it not find a cash injection. A director’s note in its annual report, released in late October, said the business’s status as a going concern was a “material uncertainty” after it breached bank covenants relating to its loan.

The new filings show SEG has $6.3 million available for future operating activities, with the company still in negotiations over an extension of its repayment terms. It also reported a net operating cash inflow of $2.6 million in the quarter ending December 31.

SEG purchased the eighth Super Netball Licence in 2023, meaning the newly created Mavericks will compete in the 2024 competition. The licence went to market after AFL giant Collingwood, the nation’s largest sports club, announced it would withdraw its team from the Super Netball competition at the end of the 2023 season after being deemed unsustainable.

Nine Entertainment, the owner of this masthead, owns a 3 per cent stake in SEG via 3AW.

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