Celtics to be sold for record $6.1B
Boston Celtics owner Wyc Grousbeck agreed to sell the organization to a group led by William Chisholm at a record-setting initial valuation of $6.1 billion.
"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 Thursday.
"Bill is a terrific person and a true Celtics fan, born and raised in the Boston area," Grousbeck added. "His love for the team and the city of Boston, along with his chemistry with the rest of Celtics leadership, make him a natural choice to be the next governor and controlling owner of the team."
The purchasing group includes current minority owner Rob Hale, Bruce Beal Jr., and the global investment firm Sixth Street.
The sale price is the largest for a North American sports franchise, surpassing the $6.05 billion that a group led by Josh Harris paid for the Washington Commanders, according to Mike Vorkunov of The Athletic. Mat Ishbia's $4-billion purchase of the Phoenix Suns in 2023 was the previous high for an NBA franchise.
The final sale requires approval from the NBA's board of governors.
Chisholm is the co-founder and managing partner of California-based private equity firm Symphony Technology Group. He also co-founded The Valent Group.
Grousbeck will remain governor and CEO of the Celtics and continue to oversee team operations through the 2027-28 NBA season.
Current minority owner Stephen Pagliuca also bid on the franchise but was rejected.
"I recruited new partners with deep resources and expertise in technology and international markets to maximize the Celtics' success to ensure we can always compete for championships, luxury taxes be damned," Pagliuca said in a statement.
He added: "We have felt it was the best offer for the Celtics. It is a bid of true fans, deeply connected to Boston's community, and we've been saddened to find out that we have not been selected in the process."
The Grousbeck family announced their plans to sell the team in July, shortly after the franchise won its record 18th NBA title.
Boston is projected to pay $445 million in salary and luxury tax penalties next season, which would be the largest payroll in league history, according to ESPN's Bobby Marks.
The Grousbeck family purchased the Celtics for $360 million in 2002. With them at the helm, the organization won two titles and made the postseason in 19 of its 22 seasons.