On Thursday, private equity magnate William Chisholm agreed to buy the Boston Celtics in a transaction worth at least $6.1 billion, making it the highest sum ever paid for an American professional sports team.
If the NBA’s board of governors approves the deal this summer, the sale will exceed the $6.05 billion paid for the NFL’s Washington Commanders in 2023. Chisholm, a Massachusetts native and alumnus of Dartmouth College and Penn’s Wharton School of Business, is the managing partner of Symphony Technology Group, based in California. The new ownership group also comprises Boston businessmen Rob Hale, a current Celtics stakeholder, 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 told reporters. “I understand how important the Celtics are to the city of Boston; the team’s involvement in the community is unlike any other in the country. I also understand that as the organization’s leader, I have a responsibility to the people of Boston, and I am prepared to take on this job.”
Wyc Grousbeck, whose family leads the ownership group that bought the team for $360 million in 2002, said Chisholm requested 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 told me. “His passion for the organization and the community of Boston, combined with his synergy with the rest of the Celtics’ leadership, make him an obvious candidate to be the team’s next Governor and controlling owner. I believe he understands the Celtics’ importance and is driven by a desire to succeed on the floor while remaining completely devoted to the community. Simply said, he wants to be a terrific owner.
The arrangement calls for a two-part sale, with Chisholm acquiring at least 51% of the franchise once approved by the NBA’s board of governors, which could happen as soon as this summer. Current shareholders would be able to keep the remaining shares until 2028, when they would be sold at a price that may be up to 20% higher, based on a formula established by league revenue growth. That would put the team’s value at $7.3 billion. Sportico and ESPN were among the first to report on the selling agreement.
Mat Ishbia, the owner of a mortgage firm, spent $4 billion for the Phoenix Suns in 2023, setting an NBA record. However, the Celtics are one of the league’s flagship franchises, having won an unprecedented 18th NBA title last June and are among the favorites to win again this season with young stars Jayson Tatum and Jaylen Brown, who follow in the footsteps of championship-winning Hall of Famers such as Bob Cousy, Bill Russell, Larry Bird, and Paul Pierce.
Grousbeck revealed shortly after winning the NBA title over the Dallas Mavericks last summer that the team would be sold.
“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 told reporters. “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.”
Leave a Reply