In a historic move for American sports, the Boston Celtics have been sold to William Chisholm, a private equity mogul and managing partner at Symphony Technology Group, for a staggering $6.1 billion. This sale marks the highest price tag ever for a North American sports team, surpassing the previous record set by the Washington Commanders, which were sold for $6.05 billion in 2023.
The Celtics, who are not only the reigning NBA champions but also the most-decorated franchise in league history, were last sold in 2002 for $360 million. This massive increase in valuation underscores the skyrocketing worth of NBA franchises in recent years, a trend that accelerated following Steve Ballmer's purchase of the Los Angeles Clippers for $2 billion in 2014.
The announcement of the sale comes on the heels of the Celtics' eighteenth championship victory, which they secured in June 2024 - defeating the Dallas Mavericks. Following this victory, the Grousbeck family, which has led the ownership group since 2002, decided to put the team up for sale for estate and family planning purposes. Wyc Grousbeck, the family’s lead investor, stated, "My partners and I have immense respect for Wyc, the entire Grousbeck family and their indelible contributions to the Celtics organization over the last 23 years." Chisholm has expressed a deep affinity for the team and its place within the Boston community, emphasizing his lifelong support as a fan and his commitment to the franchise’s legacy.
In addition to Chisholm, the new ownership group will comprise prominent Boston executives, including current Celtics part-owner Robert Hale, Bruce Beal Jr. from Related Companies, and the global investment firm Sixth Street. Commenting on the sale, Chisholm noted, "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."
Negotiations around the sale included competitive bids from at least two other groups, including one led by current minority partner Steve Pagliuca. Pagliuca expressed disappointment in the outcome, stating, "It is a bid of true fans, deeply connected to Boston’s community, and we’ve been saddened to find out that we have not been selected." His bid was particularly notable for being fully guaranteed, aiming to ensure competitiveness for championship titles without the burden of debt impacting financial decisions.
The terms of the sale stipulate a two-part framework, wherein Chisholm will obtain control of at least 51% of the team upon approval from the NBA's board of governors—expected this summer. Current owners retain the right to hold on to the remaining shares until 2028, with future share prices potentially increasing by up to 20% based on league revenue growth, leading to an estimated overall valuation of $7.3 billion by then.
Chisholm's bid significantly exceeds other prominent sales in league history, such as Mat Ishbia's acquisition of the Phoenix Suns for $4 billion in 2023, the Milwaukee Bucks for $3.5 billion, and the Houston Rockets for $2.2 billion. The dramatic increase in team valuations reflects not only the success of franchises like the Celtics but also the overall economic growth in the sports industry, fueled by lucrative broadcasting deals and sponsorship agreements.
Throughout this transformative period, the new ownership group has focused on maintaining the strong traditions and performance levels of the Celtics. Grousbeck, who will remain as CEO for the next three years, expressed confidence in Chisholm’s leadership, highlighting his chemistry with the team’s current leadership. “Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area,” Grousbeck said. His commitment to the community and vision for team success align with the expectations that Celtics fans hold.
As the agreement awaits league approval, anticipation builds among fans and stakeholders alike. The new ownership structure promises to maintain the legacy of the Celtics as one of basketball's premier franchises, aiming to bring more championships to Boston while fostering community relationships that have defined the Celtics’ role in the city.
Chisholm is aware of the historic significance attached to the Celtics and the responsibilities of leadership that come with such a valued franchise. He stated, "I know he appreciates the importance of the Celtics and burns with a passion to win on the court while being totally committed to the community. Quite simply, he wants to be a great owner.” Each step in the transition will be closely examined as the Celtics forge ahead with aspirations rooted in their storied past and exciting future.
