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While many of us (definitely not during work) tuned into college basketball yesterday, it was our local pro team that stole the headlines. The Boston Celtics’ owners announced a deal to sell the defending NBA champions for an eye-popping $6.1 billion to a group led by private equity mogul and Massachusetts native William Chisholm.
Here are four things to know about the sale:
The deal could set a continental record: If approved by fellow NBA owners this summer, $6.1 billion would set a new mark for the highest selling price for a North American sports team — narrowly surpassing the $6.05 billion paid for the NFL’s Washington Commanders in 2023. Despite not owning their arena and a hefty roster payroll, the Celtics are a “groundbreaking franchise” and “universally known,” Boston Globe sports business reporter Michael Silverman told WBUR’s All Things Considered. “Right now, investing in sports is one of the surest things in all of business,” Silverman said.
A homecoming of sorts: Chisholm, a self-described “lifelong Celtics fan,” grew up north of Boston in Georgetown. He played soccer at Dartmouth College (as did his son) and went on to make a (pretty good!) career in tech investing and banking. Chisholm currently lives in the San Francisco Bay Area where his company, Symphony Technology Group, is based. But he also owns a house on Nantucket and plans to buy a home in Boston to be closer to the team, assuming the sale goes through, according to The Boston Globe.
What about Pags? Steve Pagliuca, a Celtics minority owner (and former Senate candidate), long seemed like the favorite to succeed owner Wyc Grousbeck. However, his group’s bid was passed over — and he’s not happy about it. Pagliuca released a pointed, public statement yesterday saying they made a “record” offer that included “no debt or private equity money that would potentially hamstring our ability to compete in the future.” Pagliuca maintained his group’s offer was the “best” for the Celtics. “It is a bid of true fans, deeply connected to Boston’s community,” he said, “and we’ve been saddened to find out that we have not been selected in the process.”
Don’t expect big changes anytime soon: Since announcing the Celtics were for sale last summer, Grousbeck has said the plan is to sell the team in two phases — holding on to a minority share until 2028. Grousbeck said yesterday that Chisholm had also asked him to keep running the team as CEO for the next three years as the new owner gets the hang of things. “I am glad to do so,” Grousbeck said. (The move is worth noting, since the NBA has seen a recent trend of questionable decisions by new owners after taking control.) Grousbeck said of Chisholm: “Quite simply, he wants to be a great owner.”
Celtics owners Wyc Grousbeck (left) and Steve Pagliuca (right) look on as Jayson Tatum admires his championship ring during last fall's banner-raising ceremony. (Charles Krupa/AP)
Celtics owners Wyc Grousbeck (left) and Steve Pagliuca (right) look on as Jayson Tatum admires his championship ring during last fall's banner-raising ceremony. (Charles Krupa/AP)
In other news:
DOE woes: Gov. Maura Healey says more than $2 billion in federal funding to Massachusetts is at risk, as President Trump moves to close the U.S. Education Department. Trump signed an executive action yesterday directing Education Secretary Linda McMahon to “take all necessary steps to facilitate” the department’s closure and “return authority over education to the States and local communities.”
Can he do that? The Education Department was created by Congress, so it can’t legally be fully closed without congressional approval (which is unlikely to overcome a Democratic filibuster in the Senate). However, his administration has already made some moves to dismantle the department, laying off nearly half its staff.
The local impact: While Education Department funding makes up a small fraction of public schools budgets, Healey’s office says the $2 billion that Massachusetts gets supports college financial aid, special education and teacher salaries in low-income districts. “The state is not able to fully replace these funds,” Healey’s office said. While the Trump administration has said financial aid and formula funding for schools will be preserved, Massachusetts Education Secretary Patrick Tutwiler recently told WBUR he worries the changes will still ultimately lead to funding cuts.
Go deeper: Here’s how the Education Department cuts could hurt low-income and rural schools.
In local education news: Despite some vocal opposition, Boston’s School Committee voted 5-1 last night to close several schools in Dorchester, South Boston and Brighton at the end of the 2025-26 school year. The plan also includes merging two elementary schools in Dorchester. BPS officials said the closures — which affect up to 1,300 students — are necessary to save money in the face of declining enrollment, which has dropped 15% over the last decade.
Now what? BPS leaders say the closures “create pathways for students to transition into schools that are more fully enrolled, with more resources, and offering a higher-quality student experience — often closer to home,” according to the Globe.
P.S.— Why did a local community college cancel its study abroad programs this summer? Take our Boston News Quiz and test your knowledge of the stories we covered this week.