The Boston Celtics have officially announced the sale of their team to a new ownership group that includes prominent Boston business executives. Among them are Robert Hale, a current co-owner of the Celtics, Bruce Beal Jr., president of Related Companies, and the global investment firm Sixth Street. This transition comes as a significant change in leadership for one of the most storied franchises in professional sports, spearheaded by the Jordan Park Group.
In a recent news release, Bill Chisholm expressed his excitement about the new role, stating, “Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life.” Chisholm emphasized his understanding of the Celtics' significance to Boston, noting, “The role the team plays in the community is different than any other city in the country.” He acknowledged the responsibility that comes with leading such an iconic organization and is ready to embrace this challenge.
This ownership transition comes just weeks after the Celtics celebrated their 18th NBA championship last June. The Grousbeck family, who initially purchased the team for $360 million in 2002, announced the sale for estate and family-planning purposes. Celtics co-owner Wyc Grousbeck praised Chisholm, stating, “Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area.” Grousbeck highlighted Chisholm's passion for the team and his strong chemistry with the existing Celtics leadership.
For months, Celtics co-owner Steve Pagliuca was the only public figure to express interest in the bidding process. However, as the sale progressed, a group of finalists emerged, including Chisholm, Pagliuca, Philadelphia Phillies co-owner Stan Middleman, and The Friedkin Group. According to sources close to Chisholm, he possesses an “encyclopedic knowledge” of the Celtics, further solidifying his position as a strong candidate for ownership.
Pagliuca stated that he assembled a group focusing on existing team owners who truly appreciate what it means to be stewards of the Boston Celtics. He also indicated that he brought in new partners with expertise in technology and international markets to enhance the team's competitive edge. “We made a fully guaranteed and financed offer at a record price,” Pagliuca mentioned, expressing disappointment at not being selected in the ownership process.
As Chisholm steps into the role of controlling owner, he faces the challenge of managing record-breaking payrolls and substantial luxury tax bills. Next season, the Celtics’ combined salary and tax obligations are projected to exceed $500 million, setting an NBA record. This financial burden comes as the franchise continues to strive for success, with All-Star forward Jayson Tatum expressing hope for stability under the new ownership.
The Celtics are navigating a complex financial landscape, with Tatum having agreed to the largest contract in NBA history (five years, $315 million) last summer. Additionally, Jaylen Brown is in the second year of a five-year deal worth $304 million, and Derrick White is locked in for four years at $126 million. With both Tatum and Brown set to earn over $50 million each in the 2025-26 season, the Celtics will likely owe more than $200 million in luxury tax, marking a pivotal moment in the franchise's history.
As this story unfolds, updates will be provided on the Celtics' journey under new ownership and their ongoing pursuit of excellence in the NBA.
