NBA’s Celtics set to be sold for a record $6.1 billion to a group led by private equity tycoon Bill Chisholm

Boston Celtics (NBA)

Private equity tycoon William Chisholm has agreed to purchase the Boston Celtics, setting a record for the highest price ever paid for an American professional sports team at $6.1 billion. This deal values the NBA’s reigning champions and the most successful franchise in NBA history. If approved by the NBA’s board of governors this summer, the sale would surpass the $6.05 billion paid for the NFL’s Washington Commanders in 2023.

Chisholm, a Massachusetts native and graduate 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 includes Boston businessmen Rob Hale, who currently holds shares in the Celtics, and Bruce Beal Jr.

Chisholm expressed his excitement about the purchase, saying, “Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life.

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, who has been part of the ownership group that bought the Celtics in 2002 for $360 million, said that Chisholm asked him to stay on as CEO and Governor for the next three seasons, to which Grousbeck agreed.

“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 deal involves a two-part sale, where Chisholm would acquire at least 51% of the team once it’s approved by the NBA’s board of governors, possibly as early as this summer. The current owners have the option to keep the rest of their shares until 2028. At that point, they could sell them at a price up to 20% higher, based on a formula linked to league revenue growth.

Jaylen Brown in the 1st half (NBA)

This could bring the team’s value to $7.3 billion

Chisholm beat out at least two other groups, one of which was led by current Celtics minority partner Steve Pagliuca. Pagliuca said he had put together a record, fully guaranteed bid with strong financial backing and no debt, aimed at ensuring they could always compete for championships, regardless of luxury taxes.

“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 the first to report the sale agreement.

The previous record for an NBA team was the $4 billion that mortgage firm owner Mat Ishbia paid for the Phoenix Suns in 2023. But the Celtics are one of the NBA’s most important teams, winning their 18th NBA title last June and being favorites to win again this season, with young stars Jayson Tatum and Jaylen Brown carrying on the legacy of past champions like Bob Cousy, Bill Russell, Larry Bird, and Paul Pierce.

After winning the NBA title against the Dallas Mavericks 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.”