Boston Celtics Franchise Sold for $6.1 Billion
The Boston Celtics ownership group announced on Thursday that they have reached an agreement to sell the team for $6.1 billion to Bill Chisholm, co-founder and managing director of the California-based private equity firm Symphony Technology Group.
A Historic Sale in Professional Sports
If sanctioned by the NBA’s board of governors, this deal will break the record for the highest sale price for a North American professional sports franchise, surpassing the $6.05 billion valuation of the NFL’s Washington Commanders, sold to Josh Harris in 2023. The same year, Mat Ishbia purchased the Phoenix Suns for $4 billion, marking the highest price for an NBA team at that time.
Chisholm’s Celtics Passion
Chisholm, a lifelong Celtics supporter from Massachusetts, is acquiring the franchise from Boston Basketball Partners LLC, which is managed by the Grousbeck family. In July, following the team’s 18th championship victory, the ownership group declared the Celtics were for sale, although Wyc Grousbeck is set to remain the team’s governor until 2028. Grousbeck mentioned that he would stay in his role until the end of the 2027-28 season at Chisholm’s request.
Continued Leadership Transition
“Our goal has always been to find someone who has the means and dedication to win championships, and Bill fulfills all our criteria,” Grousbeck shared with ESPN. He indicated that he would continue to offer guidance and maintain final decision-making authority for the next three years during the transition.
Chisholm’s Commitment to Boston
In the announcement, Grousbeck praised Chisholm as “a wonderful person and genuine Celtics enthusiast,” while Chisholm expressed his understanding of the responsibility that comes with leading the organization and his eagerness to meet this challenge. He described himself as a “devoted fan” of the Celtics since attending a game at the Boston Garden for his seventh birthday, stating, “I bleed green. This opportunity was too good to pass up.”
New Investors and Ownership Group
The new ownership team will also include Sixth Street, a private equity firm, along with minority owner Rob Hale and Bruce A. Beal Jr., president of Related Companies. Sixth Street has committed over $1 billion towards the investment, as reported by Sportico.
Competitive Bidding Process
The Grousbeck family noted in a letter to investors that the sale was a thorough and competitive process, with significant interest from potential buyers. Among the final bidders were Celtics minority owner Steve Pagliuca, Philadelphia Phillies minority owner Stan Middleman, and the Friedkin Group. Following the announcement, Pagliuca issued a statement expressing disappointment but reaffirmed his commitment as a lifelong Celtics fan, ready to return should Chisholm’s agreement not receive approval. The Grousbeck family initially acquired the team in 2002 for $360 million.
