The Boston Celtics have officially been sold to William Chisholm for a record-breaking $6.1 billion, marking a historic moment in sports franchise history. Chisholm, a co-founder and managing partner of Symphony Technology Group, is set to inherit a team that recently clinched its 18th NBA championship and now faces substantial financial challenges. The sale, which is pending NBA Board of Governors approval, stands as the largest ever for a North American sports franchise.
News of the transaction was first reported by Adam Himmelsbach of The Boston Globe and later confirmed by ESPN's Shams Charania. This monumental deal surpasses the previous record of $6.05 billion set in 2023 with the sale of the Washington Commanders NFL team.
Chisholm’s financial backing primarily stems from his success in private equity, having led and co-founded Symphony Technology Group, an investment firm focused on mid-market software and tech services. Under his leadership, STG has cultivated a robust portfolio. Born and raised in Georgetown, Massachusetts, Chisholm's deep roots in the area contribute to his lifelong status as a dedicated Celtics fan. He graduated from Dartmouth College and has a strong academic background, including an MBA from the Wharton School at the University of Pennsylvania.
The Celtics are under significant financial pressure, facing a projected payroll over $500 million for the next season. This figure includes luxury tax repeater penalties likely to escalate unless management re-evaluates team expenditures. The previous ownership group, led by majority owner Wyc Grousbeck, decided to sell the franchise after announcing their intentions in July 2024, shortly after the championship win.
Grousbeck, who bought the Celtics in 2002 for $360 million, will remain a prominent figure during the transition period. He has committed to serving as the team’s governor and CEO through at least the 2027-2028 NBA season. He praised Chisholm as “a true Celtics fan” and a “natural choice” to lead the franchise, emphasizing his understanding of the Celtics' significance to the Boston community.
In a statement, Chisholm expressed his excitement about this new chapter, saying, “Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life. 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.” He added that he is prepared for the responsibility that comes with leading the storied franchise.
Other notable figures who participated in the bidding process were Quincy businessman Bruce Beal Jr., president of Related Companies, and current Celtics co-owner Steve Pagliuca. Pagliuca confirmed his bid to acquire the franchise was unsuccessful. He expressed disappointment but indicated a readiness to engage with the process again if cases were to arise in the future.
This momentous sale is more than just a financial transaction; it symbolizes a new era for one of basketball’s most iconic franchises. With an ambitious new owner at the helm, the Celtics are expected to aim for sustained success on the court while navigating the challenges inherent in financial commitments and the responsibilities of ownership.
The deal signifies a significant shift in the landscape of sports ownership and how teams operate within the competitive environment of major sports. The stakes have never been higher as ownership dynamics change in a league that is continuously evolving.
