Basketball league endorses financial transfer of Boston Celtics franchise to Bill Chisholm at an unprecedented value of $6.1 billion, marking a significant milestone.
Boston Celtics Sold to Bill Chisholm's Group for Record-Breaking $6.1 Billion
The Boston Celtics, one of the most storied franchises in the National Basketball Association (NBA), has a new owner. A group led by private equity mogul Bill Chisholm has purchased the team at an initial valuation of $6.1 billion, making it the largest ever for an American professional sports team.
The sale was unanimously approved by the NBA Board of Governors and is expected to close shortly, with Chisholm acquiring at least 51% ownership of the team. By 2028, the new ownership group aims to gain full control of the team, with the total value of the franchise projected to rise to around $7.3 billion.
Chisholm, a Massachusetts native and graduate of Dartmouth College and Penn's Wharton School of Business, is the managing partner of California-based Symphony Technology Group. He outbid at least two other groups, including one led by previous Celtics minority partner Steve Pagliuca, to acquire the team.
The previous ownership group, led by Wyc Grousbeck, bought the team for $360 million in 2002 and oversaw two NBA titles in 2008 and '24. Grousbeck will step down as the owner, but it's unclear if he will retain any stake in the team.
Rob Hale, a Boston businessman and current Celtics shareholder, is part of the new ownership group. Bruce Beal Jr., who is not previously known to have had a connection to the Boston Celtics, is also part of the group.
Meanwhile, Mark Walter has agreed to buy a controlling share of the Los Angeles Lakers, with the franchise valued at $10 billion. Current owner Jeanie Buss is expected to retain at least 15% of the Lakers.
Interestingly, Steve Pagliuca has announced plans to buy the WNBA's Connecticut Sun for $325 million and move them to Boston, but the women's league has balked at the deal.
The record price for an NBA team was the $4 billion paid by mortgage firm owner Mat Ishbia for the Phoenix Suns in 2023. The new sale values the Boston Celtics at $6.1 billion, surpassing prior marks such as the $6.05 billion Washington Commanders NFL sale in 2023.
With this sale, the Boston Celtics continue their legacy as one of the most valuable and successful franchises in American professional sports.
[1] NBA.com [2] ESPN.com [3] SportsBusinessJournal.com [4] Forbes.com [5] BostonGlobe.com
- The Boston Celtics, now sold for an astounding $6.1 billion, is the most expensive sports team in American history, outstripping previous records set by tech-industry acquisitions in both the NBA and NFL.
- In the ever-evolving landscape of technology and business, the acquisition of the Boston Celtics by Symphony Technology Group's Bill Chisholm highlights the increasing role of tech moguls in the sports arena.
- It's not just basketball news that's breaking records; the business news of major sports franchises, such as the Boston Celtics and the Los Angeles Lakers, being sold for unprecedented sums, shows a growing interest in sports as a lucrative venture.
