BOSTON — In a groundbreaking move, private equity leader William Chisholm has made arrangements to acquire the Boston Celtics, a historic NBA franchise, in a transaction that has set its valuation at no less than $6.1 billion, marking the highest figure ever recorded for a professional sports team in the United States.
Pending the NBA’s board of governors’ approval, potentially as soon as this summer, the sale would exceed the previous sports team sale record of $6.05 billion for the NFL’s Washington Commanders, set in 2023.
Chisholm, a native of Massachusetts and alumnus of Dartmouth College and the Wharton School at the University of Pennsylvania, manages the California-based Symphony Technology Group. The deal’s new ownership structure will also feature prominent Boston figures Rob Hale, who currently holds shares in the Celtics, and Bruce Beal Jr.
“As someone who has grown up on the North Shore and studied in New England, I have been an avid Celtics supporter for as long as I can remember,” Chisholm expressed in a statement. “I recognize the pivotal role the Celtics play in Boston — unlike any other city in America. Taking on the mantle as a leader of this organization carries responsibility to the Boston community, and I am prepared for this endeavor.”
Wyc Grousbeck, head of the group currently owning the team since purchasing it for $360 million in 2002, indicated that Chisholm has requested him to continue as CEO and Governor for another three seasons, a role Grousbeck is happy to maintain.
“Bill is an exceptional individual and a devoted Celtics supporter, born and bred around Boston,” Grousbeck noted. “His passion for both the team and the city, coupled with his rapport with the Celtics leadership, makes him an ideal successor as the team’s Governor and controlling owner. His burning desire to achieve on-court success while being fully committed to the community’s welfare signifies his intent to be an outstanding owner.”
The transaction is structured in two phases, with Chisholm acquiring at least 51% of the team, contingent upon NBA approval. Existing owners can retain their shares until 2028, at which point they may be sold for up to a 20% premium, dictated by league revenue growth, valuing the team at $7.3 billion.
Chisholm bested at least two competing bids, including one spearheaded by Celtics minority partner Steve Pagliuca. Pagliuca asserted that his consortium had prepared a substantial, fully secured offer with ample backing and zero debt, prepared to “compete for championships without regard for luxury taxes.”
He expressed disappointment by stating, “Our bid, deeply rooted in true fandom and community ties, was outpaced, but should the announced deal fall through, my partners and I are eager to step in and continue the winning tradition synonymous with the Celtics.”
Recent valuations previously noted the record bid for an NBA team as $4 billion, paid by Mat Ishbia for the Phoenix Suns in 2023. Yet, the Celtics are considered a cornerstone franchise in the league, having clinched their unprecedented 18th NBA title last June and standing as contenders again this season, backed by rising stars Jayson Tatum and Jaylen Brown, amidst the legacy of legendary winners from Bob Cousy to Larry Bird.
Following the NBA victory against the Dallas Mavericks last summer, Grousbeck revealed the team’s availability for acquisition.
“My fellow partners and I deeply respect Wyc and the Grousbeck family’s indelible impact on the Celtics over these past 23 years,” stated Chisholm. “We eagerly anticipate learning from Wyc, collaborating with Brad Stevens, Joe Mazzulla, and the remarkable teams and staff as we strategize to capture more championships for Boston.”