by Boston (AP) On Wednesday, the NBA unanimously approved the Boston Celtics’ sale to a consortium headed by private equity tycoon Bill Chisholm. The deal, which is the biggest ever for an American professional sports club, values the organization at over $6.1 billion.
According to the league, the deal should close soon. At a price that could reach $7.3 billion, Chisholm will acquire at least 51% of the team when it does, with complete control expected by 2028.
The $6.05 billion paid for the NFL’s Washington Commanders in 2023 set a previous record for a U.S. sports team. In 2023, Mat Ishbia, the owner of the mortgage firm, spent $4 billion for the Phoenix Suns, setting a new record for an NBA franchise.
Chisholm, a native of Massachusetts and a graduate of Penn’s Wharton School of Business and Dartmouth College, serves as managing partner of Symphony Technology Group, a company based in California. Bruce Beal Jr. and Rob Hale, a Boston businessman and current Celtics shareholder, are also part of the new ownership group.
Wyc Grousbeck oversaw the ownership group that paid $360 million to acquire the franchise in 2002 and oversaw the 2008 and 24 NBA titles. The team has a record with 18 NBA titles.
At least two other companies, including one headed by former Celtics minority partner Steve Pagliuca, were outbid by Chisholm. Since then, Pagliuca has declared his intention to purchase the Connecticut Sun of the WNBA for $325 million and relocate them to Boston; however, the women’s league has objected to the agreement.
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