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In 1999, Groves purchased the Brisbane Bullets basketball team that competes in the National Basketball League competition. He restructured the organisation, he injected funds and caused the team to be much more successful. The team made the finals in the 2003/4 season. He bought a stake in the Adelaide Arena in Adelaide in 2006 for $3.95 million, which houses the NBL team Adelaide 36ers.
In April 2008 Groves announced that he was putting the Bullets on the market in order to "focus all attention on ABC". Although getting close to clinching a sale to another prominent Brisbane businessman at one stage, Groves failed to secure a buyer and the Brisbane Bullets folded later in the year.
Due to his lavish lifestyle and love of expensive exotic sports cars (such as Lamborghinis), Groves is nicknamed "Fast Eddie".
Read more about this topic: Eddy Groves