The Boston Celtics ownership group announced Thursday they have agreed to sell the team for $6.1 billion to Bill Chisholm. Chisholm is the managing director and co-founder of Symphony Technology Group, a private equity firm based in California.
If the NBA board of governors approves, this deal will be the most expensive sale of a North American professional sports franchise ever. It will be more than the $6.05 billion paid for the Washington Commanders of the NFL in 2023. In the same year, the Phoenix Suns were bought by Mat Ishbia for $4 billion, which was the highest price for an NBA team at that time.
Chisholm, who grew up in Massachusetts as a Celtics fan, is buying the team from Boston Basketball Partners LLC, led by the Grousbeck family.
Last July, after the Celtics’ 18th championship, the ownership group said the team was for sale. However, Wyc Grousbeck planned to stay on as team governor until 2028. In the announcement and in an interview, Grousbeck stated he would remain governor and CEO until the end of the 2027-28 season at Chisholm’s request.
Grousbeck told ESPN, ‘We wanted to find someone with the resources and dedication to win championships, and also a great person. Bill is all of that for us. I’ve been a consultant and decision-maker for the Celtics since my family invested, and that will continue for three more years as we transition.’
In the news release, Grousbeck called Chisholm ‘a great person and a true Celtics fan.’ Chisholm said he understands ‘the responsibility to the people of Boston as a leader of this organization, and I’m ready for it.’ In an ESPN interview, Chisholm mentioned he’s been a ‘huge fan’ of the Celtics since attending a game at Boston Garden for his seventh birthday.
‘I am a dedicated Celtics fan,’ he said. ‘I love the Celtics. I couldn’t miss this opportunity. Wyc has done an amazing job running this team. Why change things? The team is in a great position, and I know that. Wyc, Brad Stevens, and Joe Mazzulla have done incredible work, and we want to keep that going.’
Chisholm has recently spoken with team president Brad Stevens and planned to speak with coach Joe Mazzulla on Thursday, according to Adam Himmelsbach of the Boston Globe.
‘My goal is to win and win championships,’ Chisholm told ESPN. ‘Both soon and in the future. I’ve met with Brad a couple of times, and we’ve talked about our goals and keeping this team competitive for a long time.’
The new ownership group will also include Sixth Street, a private equity firm; Rob Hale, a current minority owner; and Bruce A. Beal Jr. of Related Companies. Sixth Street, which has invested in the San Antonio Spurs and other sports teams, is investing over $1 billion, according to reports.
The Grousbeck family said in a letter to investors that the sale process was ‘very thorough and rigorous.’ They added, ‘We had significant interest from potential owners and appreciate the effort from bidders over the last few months. Ultimately, Bill and his group made the best final offer.’
Reportedly, the other potential buyers included Celtics minority owner Steve Pagliuca, Philadelphia Phillies minority owner Stan Middleman, and the Friedkin Group. Stevens reportedly met with four finalists in the last month.
Pagliuca released a statement on social media about the outcome, saying, ‘We made a fully guaranteed and financed offer at a record price, for the best fans in the world, with all capital from individuals fully dedicated on and off the court. We had no debt or private equity that could limit our future competitiveness. We believed it was the best offer for the Celtics. It was an offer from true fans, deeply connected to Boston, and we are saddened to not have been selected.’
In his statement, Pagliuca said he will ‘never stop being a Celtic’ and he and his partners are ‘ready to get back in the game’ if the agreement with Chisholm falls through.
The Grousbeck family purchased the team in 2002 for $360 million.
Jasper Hawthorne