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.
Two people died on Thursday after fans and police clashed outside the Estadio Monumental in Santiago ahead of a game in South America’s Copa Libertadores, Chilean authorities said. The fatalities happened shortly before the match between Chile’s Colo-Colo and Brazilian club Fortaleza, when police blocked about 100 fans when they attempted to enter the stadium. There were conflicting accounts of how the fatalities occurred, with local media reporting that one of the dead was a 13-year-old boy. The other victim was an 18-year-old woman, according to a relative at the hospital where she was treated. The fans died after being caught underneath a
College basketballer Kaitlyn Chen has become the first female player of Taiwanese descent to be drafted by a WNBA team, after the Golden State Valkyries selected her in the third and final round of the league’s draft on Monday. Chen, a point guard who played her first three seasons in college for Princeton University, transferred to the University of Connecticut (UConn) for her final season, which culminated in a national championship earlier this month. While at Princeton, Chen was named the Ivy League tournament’s most outstanding player three times from 2022 to last year. Prior to the draft, ESPN described Chen as
College basketballer Kaitlyn Chen (陳凱玲) has become the first player of Taiwanese descent to be drafted by a WNBA team, after being selected by the Golden State Valkyries in the third and final round of the league's draft yesterday. Chen, a point guard who played her first three seasons in college for Princeton University, transferred to the University of Connecticut (UConn) for her final season, which culminated in a national championship on April 6. While at Princeton, Chen was named the Ivy League tournament's most outstanding player three times from 2022 to last year. Prior to the draft, ESPN described Chen as a
Japan yesterday secured a second consecutive Billie Jean King Cup finals appearance with a 2-1 win over 2023 champions Canada, thanks to Ena Shibahara and Shuko Aoyama’s 6-3, 5-7, 6-2 win over Kayla Cross and Rebecca Marino in the qualifying doubles decider. Shibahara and Aoyama powered through the opening set 6-3, breaking twice for a quick 3-0 lead. Cross and Marino hit back in the second, edging it 7-5 to level the match, before the Japanese pair regained control in the third. Canada’s 18-year-old Victoria Mboko edged Shibahara 6-4, 6-7 (8/10), 7-5 in a marathon opening clash. Mboko fired eight aces to
RSS