RUMOR: Boston Celtics’ $6.1 Billion Franchise Sale Expected To Close Soon
The Boston Celtics are on the brink of completing a historic ownership change. According to Sportico, the team’s $6.1 billion sale to William Chisholm will likely close late next week or early the following week. Three sources close to the matter confirmed the deal in its final stage, though they were not authorized to speak publicly.
The final step in the transaction is approval from the NBA’s Board of Governors, which includes representatives from all 30 teams, including the Boston Celtics. The vote can happen remotely, eliminating the need for a formal meeting. Once approved, it will mark the most expensive control sale in sports history, surpassing the $6.05 billion purchase of the Washington Commanders in 2023 and the NBA record $4 billion acquisition of the Phoenix Suns in 2022.
Chrisholm’s group reached the two-stage purchase agreement in March, which aligns with the Grousbeck family’s estate planning strategy. The Grousbecks purchased the Boston Celtics in 2002 for $360 million and announced their intention to sell just weeks after the franchise secured its record-setting 18th NBA title in June 2024.
BREAKING: The Boston Celtics majority ownership group — led by Wyc Grousbeck — is planning to make the franchise available for sale, sources tell ESPN. The investment group purchased the team in 2002. Massive development for one of sports’ most valuable properties. pic.twitter.com/ICixdcJtLF
— Adrian Wojnarowski (@wojespn) July 1, 2024
The franchise valuation also trails only the $10 billion mark set by Mark Walter’s pending purchase of the Los Angeles Lakers, which highlights the Celtics’ commercial appeal and market position.
Boston Celtics Are Rebuilding Their Roster As Ownership Shifts
Chisholm, co-founder of STG Partners, will assume the role of lead investor and eventually become the team’s NBA governor after the 2027-28 season. Aditya Mittal, son of steel giant Lakshmi Mittal, will serve as the second-largest stakeholder. Private equity firm Sixth Street, already invested in the San Antonio Spurs, will also hold a stake within NBA ownership limits.
Meanwhile, the Boston Celtics are restructuring on the court. After a second-round playoff exit and a torn Achilles for Jayson Tatum, the team slashed its payroll from $540 million to $239 million. Trades involving Jrue Holiday, Kristaps Porzingis, and George Niang opened room to sign Chris Boucher, which kept Boston under the league’s second apron tax threshold heading into the next season.
Also Read: Why The Boston Celtics Let Kyrie Irving Walk And How That Decision Shaped Two Teams
RUMOR: Boston Celtics’ $6.1 Billion Franchise Sale Expected To Close Soon
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