Introduction to the Sale of the Boston Celtics
BOSTON — Private equity mogul William Chisholm agreed to buy the Boston Celtics on Thursday in a deal that values the NBA’s reigning champions and the most-decorated franchise in league history at a minimum of $6.1 billion — the largest price ever for American professional sports team.
The Purchase Details
If the deal is approved by the NBA’s board of governors this summer, the sale would top the $6.05 billion paid for the NFL’s Washington Commanders in 2023.
The New Ownership Group
A Massachusetts native and graduate of Dartmouth College and Penn’s Wharton School of business, Chisholm is the managing partner of California-based Symphony Technology Group. The new ownership group also includes Boston businessmen Rob Hale, who is a current Celtics shareholder, and Bruce Beal Jr.
Statement from William Chisholm
“Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life,” Chisholm said in a statement. “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.”
Transition and Future Leadership
Wyc Grousbeck, whose family leads the ownership group that bought the team in 2002 for $360 million, said Chisholm asked him to stay on as CEO and Governor for the next three seasons, “and I am glad to do so.”
Wyc Grousbeck on William Chisholm
“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.”
Terms of the Sale
The agreement calls for a two-part sale in which Chisholm would acquire at least 51% of the team upon approval by the NBA’s board of governors, which could come as soon as this summer. Current owners would have the option to retain the remainder of their shares until 2028, when they would be sold at a price that could be up to 20% higher, based on a formula determined by league revenue growth.
Potential Future Valuation
That would value the team at $7.3 billion. Sportico and ESPN were among those first reporting the agreement for the sale.
Historical Context and Team Legacy
The record price for an NBA team was the $4 billion mortgage firm owner Mat Ishbia paid for the Phoenix Suns in 2023. But the Celtics are one of the league’s flagship franchises, winning their unprecedented 18th NBA title last June and among the favorites to win again this season with young stars Jayson Tatum and Jaylen Brown — successors to a tradition of championship-winning Hall of Famers running from Bob Cousy to Bill Russell to Larry Bird to Paul Pierce.
Conclusion
Shortly after beating the Dallas Mavericks for the NBA title last summer, Grousbeck announced that the team would be put up for sale. The sale of the Boston Celtics to William Chisholm for a record $6.1 billion marks a new era for the team, with Chisholm committed to building upon the success of the current team and staff to bring more championships home to Boston.
FAQs
- Q: Who is buying the Boston Celtics?
A: William Chisholm, a private equity mogul and Massachusetts native, is buying the Boston Celtics. - Q: How much is the Boston Celtics being sold for?
A: The Boston Celtics is being sold for a minimum of $6.1 billion, with a potential future valuation of $7.3 billion. - Q: Is the sale approved?
A: The sale is pending approval by the NBA’s board of governors, which could come as soon as this summer. - Q: Who will lead the team after the sale?
A: William Chisholm will be the new controlling owner, and Wyc Grousbeck will stay on as CEO and Governor for the next three seasons.
