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On Thursday, private equity mogul William Chisholm agreed to buy the Boston Celtics in a deal worth at least $6.1 billion, making it the highest sum ever paid for an American professional sports team.
If the NBA's board of governors approves the deal this summer, the sale will exceed the $6.05 billion paid for the NFL's Washington Commanders in 2023.
Chisholm, a Massachusetts native and alumnus of Dartmouth College and Penn's Wharton School of Business, is the managing partner of Symphony Technology Group, based in California. The new ownership group also comprises Boston businessmen Rob Hale, a current Celtics stakeholder, and Bruce Beal Jr.
"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.”
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.”
“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.”
The deal calls for a two-part sale, with Chisholm acquiring at least 51% of the franchise once approved by the NBA's board of governors, which could happen as soon as this summer. Current shareholders would be able to keep the remaining shares until 2028, when they would be sold at a price that may be up to 20% higher, based on a formula established by league revenue growth.
That would put the team's value at $7.3 billion.
Mat Ishbia, the owner of a mortgage firm, spent $4 billion for the Phoenix Suns in 2023, setting an NBA record. However, the Celtics are one of the league's flagship franchises, having won an unprecedented 18th NBA title last June and are among the favorites to win again this season with young stars Jayson Tatum and Jaylen Brown, who follow in the footsteps of championship-winning Hall of Famers such as Bob Cousy, Bill Russell, Larry Bird, and Paul Pierce.
