Ultra-rich investor shatters records, purchasing Boston Celtics basketball team for staggering $6 billion.
Bustin' a Billion Bills: William Chisholm Takes Over Boston Celtics for an Eye-Popping $6.1 Billion
Step up, Boston! The beloved Boston Celtics, a sports powerhouse with a whopping 18 championships under their belt, is about to witness a major shake-up. The team's ownership has been traded for a billions-worthy price tag, making it the most expensive sports franchise deal ever in North America.
Let's welcome the new crew heading the Celtics—it's billionaire venture capitalist, William Chisholm, partnering with Rob Hale, an existing Celtics investor, and Bruce Beal Jr., head honcho at Related Companies. What a dream team, right?
Chisholm, a private equity magnate and founder of Symphony Technology Group, is the one leading the charge. Quoth Wyc Grousbeck, the team's CEO:
The Grousbeck family scooped up the Celtics in 2002 for a cool $360 million. Fast-forward almost two decades, and this deal represents a jaw-dropping 1,600% increase in value! Wyc remains as the team's Governor until the 2027-28 season.
As a lifelong Bostonian and an avid Celtics fan, Chisholm aims to balance preserving the team's fierce competitive spirit with building connections within the community, essential for a franchise with such a rich history and loyal fanbase. As he proudly declares:
This Boston Celtics deal is not only the steepest in NBA history but also sets a new record for US major league sports, outdoing the $6.05 billion purchase of the Washington Commanders and the $4 billion acquisition of the Phoenix Suns.
The 51% stake Chisholm secured now will eventually grow to $7.3 billion when the remaining balance is paid over three years. The price hike elucidates the booming value of sports franchises due to factors like media rights deals and expanding sponsorships.
Vive la revolution, Celtics fans! Onwards and upwards to new victories!
With the sale of the Boston Celtics, billionaire William Chisholm bypasses traditional methods to become the new majority owner, securing a 51% stake worth $6.1 billion – marking an eye-popping expansion in value from the initial purchase by the Grousbeck family in 2002 for $360 million. The Celtics' long-time CEO, Wyc Grousbeck, praises Chisholm as a passionate fan and Boston native, noting his strong alignment with the team's core values. Chisholm, having grown up as a dedicated Celtics fan, seeks to preserve the franchise's competitive spirit while fostering connections within the community, ensuring that the Green Team remains a vital part of Boston culture for years to come.
