FILE – Boston Celtics’ NBA championship banners hang from the rafters at TD Garden, Wednesday, March. 27, 2024, in Boston. (AP Photo/Michael Dwyer, File)
BOSTON — The NBA on Wednesday unanimously approved the sale of the Boston Celtics to a group led by private equity mogul Bill Chisholm, a deal that values the franchise at $6.1 billion.
The league said the transaction is expected to close shortly. When it does, Chisholm will take ownership of at least 51% of the team, with full control coming by 2028 at a price that could bring the total value to $7.3 billion.
READ: NBA: Boston Celtics agree to record-breaking $6.1 billion sale
That’s the largest price ever paid for an American professional sports team, though Los Angeles Dodgers owner Mark Walter has agreed to buy a controlling share of the Lakers in a deal that would place the value of the entire franchise at $10 billion. It’s not clear how much Walter would own; current owner Jeanie Buss is expected to retain at least 15% of the team.
The previous record for a U.S. sports franchise was the $6.05 billion paid for the NFL’s Washington Commanders in 2023. The record price for an NBA team was the $4 billion mortgage firm owner Mat Ishbia paid for the Phoenix Suns in 2023.
READ: Boston Celtics’ $6.1B sale: Who is William Chisholm?
A Massachusetts native and graduate of Dartmouth College and Penn’s Wharton School of business, Chisholm is the managing partner of California-based Symphony Technology Group. The new ownership group also includes Boston businessmen Rob Hale, who is a current Celtics shareholder, and Bruce Beal Jr.
Wyc Grousbeck led the ownership group that bought the team in 2002 for $360 million and presided over NBA championships in 2008 and ’24. The franchise’s 18 NBA titles is a record.
Chisholm outbid at least two other groups, one led by previous Celtics minority partner Steve Pagliuca. Pagliuca has since announced plans to but the WNBA’s Connecticut Sun for $325 million and move them to Boston, but the women’s league has balked at the deal.
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