Multi-billion-dollar sale of the Boston Celtics basketball team approved by the NBA for a staggering $6.1 billion dollars.
Boston Celtics Sold for Record-Breaking $7.3 Billion
The Boston Celtics, one of the most storied franchises in the NBA, has been sold for a record-breaking $7.3 billion. The deal, led by Bill Chisholm, a Massachusetts native and die-hard Celtics fan, is expected to close shortly.
Chisholm, who is the managing director and co-founder of Symphony Technology Group, leads an investor group that recently acquired majority control of the Boston Celtics. As per the terms of the deal, he will assume the role of governor due to the lack of the required 15% ownership stake.
The sale values the franchise at an initial $6.1 billion, making it the highest ever offered for a North American sports team. However, this record was soon surpassed by the $10 billion sale of the Los Angeles Lakers.
Wyc Grousbeck, the current CEO and governor of the Boston Celtics, will continue in his roles through the 2027-28 season. Despite the sale, Grousbeck and Chisholm plan to run the team together, following the successful ownership model of Grousbeck by being a hands-off owner.
Grousbeck's hands-off approach has been essential to the Celtics' competitive success. Insiders advise that Chisholm should follow this model, providing resources but allowing basketball operations professionals to make personnel decisions without interference.
Chisholm, a private equity mogul with a net worth of $3.2 billion according to Forbes, is committed to building on the team’s legacy. As a lifelong Celtics fan, he is eager to ensure the team's continued success.
The Boston Celtics, with a record 18 championships in the NBA's history, last won the title in 2024. The franchise was purchased by the Grousbeck family and Steve Pagliuca for $360 million in 2002. With the new ownership, fans can look forward to the team's continued dominance in the NBA.
The NBA Board of Governors has unanimously approved the sale of the Boston Celtics, paving the way for this historic transaction. As the new owner, Chisholm is poised to take the Celtics to new heights, maintaining the team's legacy while pushing for even greater success.
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