BOSTON (AP) — In a significant development for the NBA, private equity mogul William Chisholm has reached an agreement to purchase the Boston Celtics for a staggering $6.1 billion. This sale marks the largest price ever recorded for an American professional sports team. If approved by the NBA's board of governors this summer, the transaction will surpass the previous record of $6.05 billion set by the sale of the NFL’s Washington Commanders in 2023.
A Massachusetts native, Chisholm is a distinguished graduate of Dartmouth College and the Wharton School of Business at the University of Pennsylvania. He currently serves as the managing partner of California-based Symphony Technology Group. The ownership group also includes notable Boston businessmen such as Rob Hale, a current Celtics shareholder, and Bruce Beal Jr. Expressing his excitement, Chisholm stated, “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 the unique role the Celtics play within the Boston community. “I understand that there is a responsibility as a leader of the organization to the people of Boston, and I am up for this challenge,” he added. Current owner Wyc Grousbeck, who purchased the team in 2002 for just $360 million, has agreed to remain as CEO and Governor for the next three seasons, demonstrating his support for Chisholm's leadership.
Grousbeck expressed confidence in Chisholm, saying, “Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area. 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.” He highlighted Chisholm’s passion for winning and commitment to the community.
The sale agreement outlines a two-part process in which Chisholm will acquire at least 51% of the team upon NBA approval. Current owners will have the option to retain their remaining shares until 2028, with a potential sale price that could reach up to 20% higher, based on league revenue growth, bringing the total team valuation to $7.3 billion.
Chisholm's bid outpaced at least two other groups, including one led by current Celtics minority partner Steve Pagliuca. Pagliuca expressed disappointment at not being selected, stating, “It is a bid of true fans, deeply connected to Boston’s community.” He vowed to remain a dedicated supporter of the Celtics regardless of the outcome.
The Boston Celtics, one of the NBA’s flagship franchises, recently celebrated their 18th championship title. Under the leadership of young stars Jayson Tatum and Jaylen Brown, the team is poised to contend for another title this season. The franchise boasts a rich history of legendary players, including Bob Cousy, Bill Russell, Larry Bird, and Paul Pierce.
Following the Celtics’ recent championship victory, Grousbeck announced the decision to put the team up for sale. Chisholm expressed respect for Grousbeck and his family, acknowledging their contributions to the organization. “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,” he stated, underscoring his commitment to bringing more championships to Boston.
