The NBA’s Boston Celtics are being sold to the head of a California private equity firm for US$6.1 billion, a record price for a US sports franchise, the club’s owners confirmed on Thursday.
Boston Basketball Partners LLC in a statement said that it had agreed to sell the iconic team to William Chisholm, managing director and co-founder of Symphony Technology Group.
“If approved, the new ownership group will buy a majority of the team this summer at an initial valuation of US$6.1 billion,” the statement said, confirming the purchase price reported by US media.
Photo: AP
That is the highest ever offered for a North American sports team, surpassing the US$6.05 billion paid for the NFL’s Washington Commanders in 2023.
The sale of the Celtics, the current NBA champions, still requires the approval of the NBA Board of Governors.
The team is one of the most storied in the league’s history, with a record 18 championships.
Chisholm, a Massachusetts native, in a statement said he has been “die-hard fan 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,” Chisholm said.
“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,” he said.
The new ownership group also includes current Celtics co-owner Robert Hale, Bruce Beal Jr, president of Related Companies, and Sixth Street, a global investment firm.
The Grousbeck family and Steve Pagliuca purchased the Celtics for US$360 million in 2002.
Wyc Grousbeck would continue in his roles of chief executive officer and governor, overseeing team operations, through the 2027 to 2028 season.
The Boston Globe reported that three other buyers had been under consideration: Celtics co-owner Pagliuca, Stan Middleman, a co-owner of MLB’s Philadelphia Phillies, and The Friedkin Group.
Pagliuca released a statement after news of the pending sale broke saying he “worked tirelessly to put together a strong bid” and was “saddened” that his offer to buy the team was not selected.
Three NBA teams were sold in 2023: the Phoenix Suns for US$4 billion, the Milwaukee Bucks for US$3.5 billion and the Dallas Mavericks for US$3.5 billion.
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