Ownership Change for the Boston Celtics
The Boston Celtics are set to have a new owner for the first time in over 20 years, during which they secured two NBA championships. Bill Chisholm, the managing partner of Symphony Technology Group, is purchasing the franchise, which has been valued at $6.1 billion, according to a source familiar with the transaction.
Record Sale Price
This sale marks the highest price ever paid for a North American sports franchise, surpassing the $6.05 billion that a group led by Josh Harris spent on the NFL’s Washington Commanders and exceeding the $4 billion valuation of the Phoenix Suns when they were acquired by Mat Ishbia in 2023. This transaction may also establish a new standard for NBA team sales, especially as the league contemplates expansion, possibly inflating prices for future franchises.
Approval and Partnerships
Before finalization, the transaction requires approval from the NBA’s Board of Governors. Chisholm, a lifelong Celtics supporter from Boston’s North Shore, will have support from Sixth Street, a private equity firm that is also acquiring a stake in the team, along with current minority owners Rob Hale and Bruce A. Beal Jr. Sixth Street has prior involvement with the Spurs since 2021 and now has investments in multiple NBA teams.
Continuity in Management
Current Celtics governor and CEO Wyc Grousbeck will retain his position until the end of the 2027-2028 NBA season, overseeing team operations, according to the source. Other potential buyers included minority owner Stephen Pagliuca and Philadelphia Phillies investor Stan Middleman, with Pagliuca viewed as a frontrunner for several months.
Pagliuca’s Response and Legacy
Pagliuca, who has been a minority owner since his partnership with the Grousbecks in 2002, expressed disappointment about not being selected, highlighting the financial stability of his bid, which purportedly involved no debt or private equity influence that could hinder future competitiveness. He emphasized the “record price” offer as one reflective of the passionate Boston fan base.
Future Implications
Given the Celtics’ recent success and the looming challenges, Chisholm will inherit a franchise with substantial financial demands. If their payroll remains stable, the team is set to exceed the luxury tax for the fourth consecutive season during 2025-26. The upcoming season could necessitate costly changes, especially with the new tax implications stipulated in the current collective bargaining agreement.
Uncertainty Ahead
The long-term consequences of this ownership change are yet to be determined, but the Celtics are under pressure to maximize their championship opportunities. Key questions remain regarding the operational dynamics between Chisholm and Grousbeck, the new owners’ strategic approach, and the financial endurance required to maintain the core team amidst potential luxury tax liabilities. As the situation evolves, many critical decisions lie ahead. —Jay King, Celtics writer
(Photo: Brian Fluharty / Getty Images)
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