The structure of the Celtics’ agreed-upon sale could cause complications in the NBA’s approval process, according to a new report.
Axios’ Dan Primack reported Wednesday that Bill Chisholm, who leads the group that agreed last week to purchase Boston’s basketball franchise for a record $6.1 billion, committed less money to the sale than Sixth Street Partners, a private equity firm.
“That is not allowed by the NBA, per regulations first established in 2021,” Primack wrote. “Instead, a PE fund can have the lesser of 20% or below the percentage held by the control owner (who must hold a 15% minimum stake).”
Chisholm’s options, per Primack’s report, are to seek a waiver from the league, hoping that other owners, bullish on what the Celtics’ price tag would mean for future expansion fees, or to recruit enough additional investors “that Sixth Street’s full check is no longer needed — and the firm allows itself to fall below Chisholm in the cap table.”
Chisholm has begun work on the latter, according to a report from Forbes, which reported Chisholm “offered one billionaire the opportunity to buy a stake in the team” last week. His ownership group already includes current Celtics minority owner Robert Hale, Bruce A. Beal, Jr. and Sixth Street. Wyc Grousbeck is set to remain in his role as the team’s CEO and governor until the two-phase sale finalizes in 2028.
The sale of the majority stake to Chisholm’s consortium is expected to be voted on by the NBA’s Board of Governors in June.
Steve Pagliuca, a longtime Celtics co-owner and managing partner who is not involved with Chisholm’s group, said in a statement last Thursday that he remained interested in buying the franchise if the approved offer fell through for any reason. Pagliuca pointedly noted that his offer was “fully guaranteed and financed … at a record price” and “had no debt or private equity money that would potentially hamstring our ability to compete in the future.”
“We have felt it was the best offer for the Celtics,” Pagliuca said. “It is a bid of true fans, deeply connected to Boston’s community, and we’ve been saddened to find out that we have not been selected in the process.”
Chisholm, a Georgetown, Mass., native, Dartmouth College graduate and lifelong Celtics fan, attended Boston’s 113-95 road win over the Sacramento Kings on Monday. He plans to be at TD Garden next Wednesday when the Celtics host the Miami Heat in their first home game since the sale announcement.
Originally Published: March 26, 2025 at 2:33 PM EDT