New York (AFP) – The NBA on Wednesday approved the sale of the Boston Celtics to an investment group led by Bill Chisholm, five months after the deal worth a then-record $6.1 billion was agreed.
“The NBA Board of Governors has unanimously approved the sale of the controlling interests in the Boston Celtics to an investor group led by Bill Chisholm,” the league said in a brief statement. “The transaction is expected to close shortly.”
Chisholm is the managing director and co-founder of Symphony Technology Group. When he and his co-investors agreed to purchase the storied Celtics franchise “at an initial valuation of $6.1 billion,” that was the highest ever offered for a North American sports team. It has since been surpassed by the $10 billion sale, in June, of the Los Angeles Lakers by the Buss family to billionaire Mark Walter.
When the Celtics sale was announced, it was stated that Wyc Grousbeck would continue in his roles of chief executive officer and governor, overseeing team operations through the 2027-28 season. The Grousbeck family and Steve Pagliuca purchased the Celtics for $360 million in 2002.
But US media reported this week that Chisholm — a Massachusetts native who calls himself a “die-hard Celtics fan” — will assume the role of governor because under the terms of the deal, Grousbeck will no longer have the required 15% ownership stake the league requires to hold that role.
Nevertheless, ESPN reported that Chisholm and Grousbeck “plan to run the team together as originally planned.” The Celtics are one of the most storied in the NBA’s history, with a record 18 championships, the most recent in 2024.
© 2024 AFP
