Boston Celtics, the NBA reigning champions, are set to be sold to the head of a California private equity firm. Boston Basketball Partners LLC have reached an agreement to sell the iconic team to William Chisholm, managing director and co-founder of Symphony Technology Group for a record $6.1bn (£4.7bn).
The amount is the highest ever paid for a franchise in the history of North American sports surpassing the $6bn purchase of the NFL’s Washington Commanders in 2023.
The agreement also topped the sale of another NBA side, the Phoenix Suns, in 2022 at $4bn (£3.3bn).
Last year, Forbes ranked the Celtics as the fourth-most valuable NBA team at $6bn (£4.6bn), with the Golden State Warriors first at an estimated $8.8bn (£6.7bn).
The deal, however, is pending approval from the NBA Board of Governors.
Boston Celtics are currently owned by the Grousbeck family and partner Steve Pagliuca. Wyc Grousbeck and the current ownership group purchased the team for $360m (£277m) in 2002.
There were four prospective bidders who were viewed as finalists, which included Chisholm. The others were current Celtics co-owner Steve Pagliuca, the Friedkin Group and Phillies minority owner Stan Middleman.
Terms and Conditions
As per the agreement, Chisholm would acquire at least 51% of the team upon approval by the NBA’s board of governors, which is likely to happen 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.
That would value the team at $7.3 billion.
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The deal also says that Grousbeck is set to remain in his role as chief executive and governor until the end of the 2027-28 season, before Chisholm takes control of team operations.
In addition to Chisholm and Grousbeck, the new ownership group includes Boston-based business leaders and philanthropists, such as current Celtics owner Rob Hale and Bruce A. Beal Jr., among others.
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Who is William Chisholm?
William Chisholm is a Massachusetts native and graduate of Dartmouth College and Penn’s Wharton School of business. He is the managing partner of California-based Symphony Technology Group.
“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.”
