BOSTON — Private equity mogul William Chisholm agreed to buy the Boston Celtics on Thursday in a deal that values the NBA's reigning champions and the most-decorated franchise in league history at a minimum of $6.1 billion — the largest price ever for an American professional sports team.
If the deal is approved by the NBA's Board of Governors this summer, the sale would surpass the $6.05 billion paid for the NFL's Washington Commanders in 2023. Chisholm, a Massachusetts native and graduate of Dartmouth College and the Wharton School at Penn, is the managing partner of California-based Symphony Technology Group. The new ownership group also includes Boston businessmen Rob Hale, a current Celtics shareholder, and Bruce Beal Jr.
"Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life," Chisholm said. "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. I also understand that there is a responsibility as a leader of the organization to the people of Boston, and I am up for this challenge."
Wyc Grousbeck, whose family leads the ownership group that acquired the team in 2002 for $360 million, confirmed that Chisholm has requested him to stay on as CEO and Governor for the next three seasons. "I am glad to do so," Grousbeck stated.
"Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area," Grousbeck added. "His love for the team and the city of Boston, along with his chemistry with the rest of the Celtics leadership, make him a natural choice to be the next Governor and controlling owner of the team. 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."
The agreement stipulates a two-part sale in which Chisholm is set to acquire at least 51% of the team upon approval from the NBA's board of governors, which is expected this summer. Current team owners have the option to retain their remaining shares until 2028, when they would be sold at a price potentially up to 20% higher, based on league revenue growth. The valuation of the team could reach $7.3 billion by that time.
Chisholm outbid at least two other groups, one spearheaded by current Celtics minority partner Steve Pagliuca, who emphasized that his bid was a record, fully guaranteed offer with considerable resources and no debt to "ensure we can always compete for championships, luxury taxes be damned."
"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," Pagliuca said. "I will never stop being a Celtic, and if the announced transaction does not end up being finalized, my partners and I are ready to check back into the game and bring it home to help continue what the Celtics do best — win."
Sportico and ESPN were among the first to report the sale agreement. The record price for an NBA team prior to this was the $4 billion paid by mortgage firm owner Mat Ishbia for the Phoenix Suns in 2023. However, the Celtics are regarded as one of the league's flagship franchises, having secured their unprecedented 18th NBA title last June, and are positioned as one of the favorites to clinch the title again this season with promising talents like Jayson Tatum and Jaylen Brown leading the way.
Shortly after defeating the Dallas Mavericks for the NBA title last summer, Grousbeck announced that the team would be offered for sale.
"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 said. "We look forward to learning from Wyc and partnering with Brad Stevens, Joe Mazzulla, and the talented team and staff to build upon their success as we work to bring more championships home to Boston."
