Aditya Mittal, chief executive officer of Luxembourg-headquartered steelmaker ArcelorMittal, is investing $1 billion into Bill Chisholm’s purchase of the NBA’s Boston Celtics, according to a person familiar with the transaction.
While Chisholm will still be the largest shareholder, Mittal will have a significant stake in the team, said the person who asked not to be identified because the deal is private. Chisholm’s group originally agreed to buy the Celtics in March from the Boston Basketball Partners in two parts, with the first transaction valuing the team at $6.1 billion, a record price for a control sale of a sports franchise.
Even with $1 billion from Sixth Street Partners, the deal was not fully financed. But Mittal’s $1 billion commitment helps put Chisholm’s group across the finish line. Outside of Chisholm and Mittal, other investors include Rob Hale and Bruce A. Beal Jr.
Representatives for the Celtics and Mittal didn’t immediately respond to a request for comment.
Mittal is the son of Lakshmi Mittal, the executive chairman of ArcelorMittal, who is worth $23.9 billion, according to _Bloomberg’s Billionaire Index_.
_Sportico_ reported the investment earlier.
Source: Bloomberg