For the largest price ever paid for an American professional sports team, a consortium led by private equity mogul Bill Chisholm will take at least 51 percent control of Boston Celtics, the most successful franchise in the history of the National Basketball Association (NBA).
The NBA has approved the sale for a record sum of $6.1 billion, and Chisholm will get full control in 2028, when the total valuation of the deal could come to $7.3 billion. Previous owner Wyc Grousbeck led the ownership group that bought the Celtics in 2002 for $360 million.
However, it’s the second-largest sale price for a US sports franchise, behind the $10 billion valuation for the Los Angeles Lakers when Mark Walter, the CEO of Guggenheim Partners, purchased that team in June, but it’s not yet clear how much the new buyer will own.
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, according to the Associated Press.
Chisholm outbid at least two other groups, one led by previous Celtics minority partner Steve Pagliuca.
“The NBA Board of Governors has unanimously approved the sale of the controlling interests in the Boston Celtics to an investor group led by Bill Chisholm,” the NBA said in a statement. “The transaction is expected to close shortly.”
The league’s ratification came five months after the deal was agreed.
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Grousbeck is expected to serve as alternate governor and remain the CEO of the franchise through 2028. He will cease to remain in the role when he no longer has the required ownership stake of at least 15 percent.
Previous record
The previous record for a US sports franchise was the US$6.05 billion paid for the National Football League’s Washington Commanders two years ago. The record price for an NBA team was the US$4 billion mortgage firm owner Mat Ishbia paid for the Phoenix Suns in 2023.
The Celtics have won a record 18 NFL championships, the most recent of which came in 2024, defeating Dallas Mavericks in the finals. They won eight consecutive titles from 1959 to 1966, and after a break of one year, clinched back-to-back titles in 1968 and 1969. Bill Russell was the cornerstone of this dominance.
Some of their other famous players in subsequent years include Larry Bird, Kevin McHale, Robert Parish in the 1980s and Paul Pierce, Ray Allen and Kevin Garnett in the 2000s.
© The Indian Express Pvt Ltd
