Boston Celtics franchise sold by Chisholm Group for an unprecedented $6.1 billion in deal
Boston Celtics Sold to William Chisholm's Investor Group
The Boston Celtics have a new owner, with William Chisholm leading an investor group to acquire a majority control position in the storied NBA franchise. The sale, valued at $6.1 billion, is the second most expensive control sale in sports team history, behind the Washington Commanders' 2023 sale.
The NBA's private equity rules limit a single firm's stake to 20% of the team, and as a result, Sixth Street will be the third-largest shareholder in the Boston Celtics, behind Aditya Mittal. Mittal, CEO of ArcelorMittal and a member of one of India's richest families, will hold a significant stake in the team, with his father, Lakshmi Mittal, serving as executive chairman of the $62 billion-in-revenue company.
Steve Pagliuca, a current Celtics shareholder, is staying on as an investor until the expected trigger date for the second stage of Chisholm's purchase, which is set for the 2027-28 season. Pagliuca, who was also a finalist to buy the team, called the new owners "excellent stewards" for the Boston Celtics franchise in a statement posted on social media.
Rob Hale, a previous Celtics investor, is raising his stake in the acquisition deal, joining Bruce A. Beal Jr., president of Related Companies, as part of the investment group. Beal will serve as an alternate governor of the team, alongside Wyc Grousbeck and Aditya Mittal.
The sale is expected to close within the next two weeks, following the NBA's unanimous approval of the acquisition by Chisholm's group. Pagliuca is also attempting to acquire the WNBA's Connecticut Sun, adding to the growing list of sports franchises under the new ownership of William Chisholm and his investor group.
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