BOSTON: Private equity mogul William Chisholm agreed to buy the Boston Celtics on Thursday in a deal that values the NBA’s reigning champions and the most-decorated franchise in league history at a minimum of $6.1 billion — the largest price ever for American professional sports team.
If the deal is approved by the NBA’s board of governors this summer, the sale would top the $6.05 billion paid for the NFL’s Washington Commanders in 2023.
A Massachusetts native and graduate of Dartmouth College and Penn’s Wharton School of business, Chisholm is the managing partner of California-based Symphony Technology Group. The new ownership group also includes Boston businessmen Rob Hale, who is a current Celtics shareholder, and Bruce Beal Jr.
“Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life,” Chisholm said in a statement. “I understand how important the Celtics are to the city of Boston — the role the team plays in the community is different than any other city in the country. I also understand that there is a responsibility as a leader of the organization to the people of Boston, and I am up for this challenge.”
Wyc Grousbeck, whose family leads the ownership group that bought the team in 2002 for $360 million, said Chisholm asked him to stay on as CEO and Governor for the next three seasons, “and I am glad to do so.”
“Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area,” Grousbeck said. “His love for the team and the city of Boston, along with his chemistry with the rest of the Celtics leadership, make him a natural choice to be the next Governor and controlling owner of the team. I know he appreciates the importance of the Celtics and burns with a passion to win on the court while being totally committed to the community. Quite simply, he wants to be a great owner.”
The agreement calls for a two-part sale in which Chisholm would acquire at least 51 percent of the team upon approval by the NBA’s board of governors, which could come as soon as this summer. Current owners would have the option to retain the remainder of their shares until 2028, when they would be sold at a price that could be up to 20 percent higher, based on a formula determined by league revenue growth.
That would value the team at $7.3 billion. Chisholm outbid at least two other groups; one was led by current Celtics minority partner Steve Pagliuca, who said he put together a record, fully guaranteed bid with deep resources and no debt to “ensure we can always compete for championships, luxury taxes be damned.”
“It is a bid of true fans, deeply connected to Boston’s community, and we’ve been saddened to find out that we have not been selected,” he said in a statement. “I will never stop being a Celtic, and if the announced transaction does not end up being finalized, my partners and I are ready to check back into the game and bring it home, to help continue what the Celtics do best — win.”
Sportico and ESPN were among those first reporting the sale agreement.
The record price for an NBA team was the $4 billion mortgage firm owner Mat Ishbia paid for the Phoenix Suns in 2023. But the Celtics are one of the league’s flagship franchises, winning their unprecedented 18th NBA title last June and among the favorites to win again this season with young stars Jayson Tatum and Jaylen Brown — successors to a tradition of championship-winning Hall of Famers running from Bob Cousy to Bill Russell to Larry Bird to Paul Pierce.
Shortly after beating the Dallas Mavericks for the NBA title last summer, Grousbeck announced that the team would be put up for sale.
“My partners and I have immense respect for Wyc, the entire Grousbeck family and their indelible contributions to the Celtics organization over the last 23 years,” Chisholm said. “We look forward to learning from Wyc and partnering with Brad Stevens, Joe Mazzulla and the talented team and staff to build upon their success as we work to bring more championships home to Boston.”
