NBA Endorses $6.1 Billion Boston Celtics Transfer to Chisholm Consortium
Boston Celtics Sold for Record-Breaking $6.1 Billion
The Boston Celtics, one of the most storied franchises in the NBA, have been sold to a new ownership group led by William Chisholm in a deal valued at $6.1 billion. This sale sets a new record for the most expensive sports team control sale.
The sale was announced after the team was put up for sale in July 2022 due to estate planning. The deal, expected to close within the next two weeks, will see Chisholm replace Wyc Grousbeck as governor of the Celtics.
The investment group includes Bruce A. Beal Jr., president of Related Companies, and Aditya Mittal, the son of Lakshmi Mittal, executive chairman of ArcelorMittal. Mittal will be the second-largest stakeholder in the Celtics, but the name of the second-largest shareholder after Chisholm's purchase is not publicly disclosed.
Rob Hale, a previous Celtics investor, is also increasing his stake in the deal. Sixth Street, a private equity firm, was part of Chisholm's initial group, and Goldman Sachs served as the financial advisor for the Chisholm group. Jordan Park served as an advisor for the Grousbecks during the sale process.
The sale comes at a time when the team is facing challenges on the court. Jayson Tatum, a key player in the 2024 title run, tore his Achilles tendon during the 2024-25 Eastern Conference semifinals, causing a long recovery. The team traded Kristaps Porzingis and Jrue Holiday, key players, saving an estimated $180 million in luxury tax penalties next season.
The sale surpasses Mark Walter's $10 billion purchase of the Los Angeles Lakers, which was the previous record for the most expensive sports team control sale. However, Tom Dundon's group has reached a deal to buy the Portland Trail Blazers at a $4.25 billion valuation, which could potentially surpass the Celtics' sale in the future.
The Grousbecks bought the Celtics in 2002 for $360 million, making the current sale a significant increase in value. The sale is subject to the NBA's private equity rules, which cap the stake that a single firm can own at 20% of the team.
The new ownership group is expected to bring fresh perspectives and resources to the Celtics, aiming to continue the team's tradition of success on the court. The sale marks a new era for the Boston Celtics, one of the most iconic teams in sports history.
Read also:
- Peptide YY (PYY): Exploring its Role in Appetite Suppression, Intestinal Health, and Cognitive Links
- Toddler Health: Rotavirus Signs, Origins, and Potential Complications
- Digestive issues and heart discomfort: Root causes and associated health conditions
- House Infernos: Deadly Hazards Surpassing the Flames
