The Ottawa BlackJacks have been acquired by Diamond Sports Canada Inc. based in New South Wales, Australia.
Diamond Sports Canada is a subsidiary of Global Sports Fund Management Group, which, according to a press release Thursday, is a “sports-specific investment strategy that aims to capitalize on the booming sports investment market by strategically acquiring sports-related assets that offer high returns.”
It will be the first privately funded group with an ownership stake in the BlackJacks and the first international owners in the history of the Canadian Elite Basketball League, of which the BlackJacks are a member.
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The group is owned by Justin Pascoe, who also serves as CEO, and Bandeli (Lee) Hagipantelis.
Terms of the deal were not disclosed.
Transition of the team’s operations will begin immediately, as the team looks to kick off its seventh season in May of next year.
Since the team’s inception in 2020, the BlackJacks have been under the ownership of Canadian Basketball Ventures LP.
“Justin Pascoe and the Diamond Sports Canada Inc. group bring valuable international perspective and a wealth of sports business experience and sophistication to the Ottawa BlackJacks,” Mike Morreale, commissioner and co-founder of the Canadian Elite Basketball League, said in a press release.
“Their ownership strengthens both the team and the league as we continue building a sustainable model for professional basketball in Canada. The group’s commitment to innovation, community engagement, and long-term growth perfectly aligns with the CEBL’s vision for what our teams represent, and we truly value the extension of our ownership table beyond Canada,” Morreale added.
Pascoe has more than 20 years of experience in elite-level sports administration. He is also the owner of Australian soccer club Newcastle Jets.
“I feel incredibly privileged to be afforded the opportunity to help build a franchise that the entire community can be proud of,” Pascoe said in the release. “This process has been nearly eight months in the making, and throughout that time, it’s become clear to me that the CEBL and the Ottawa BlackJacks represent a sleeping giant in the Canadian sports landscape.”
Pascoe added in the press release that his focus will be on creating a team that engages its stakeholders.
“We believe that by bringing our global operating experience to the table, we can complement the hard-working and talented staff here and help elevate the organization to new heights,” he said.
“This goes beyond just the BlackJacks. It’s about collaborating with (Morreale) and the CEBL to drive league-wide awareness, deliver unforgettable experiences for fans, and create a sustainable, thriving league that embraces a growth mindset — one that aims to position Canadian basketball as a force on the global stage,” Pascoe said.
The Ottawa BlackJacks is the league’s first expansion franchise, led by general manager James Derouin and head coach Dave DeAveiro. The team plays its home games at TD Place at Lansdowne Park.
