The Celtics sale is expected to close sometime in the next two weeks, according to Sportico, as Bill Chisholm will take charge as the new lead guy in Boston. The deal is still pending approval from the NBA Board of Governors as one of the finishing touches on what was a record-breaking deal when it was announced.
Just weeks after the C’s won the 2024 NBA title, the Grousbeck family announced they were selling the team. Chisholm, co-founder of the Symphony Technology Group, emerged in March as the new Celtics owner after a months-long process to find a buyer. The Celtics were sold for a then-record $6.1 billion, though it has since been eclipsed by the Lakers being valued at $10 billion.
There were some questions initially on Chisholm’s funding as he looked to finalize that part of the deal. But all public indications since then was that the sale was going smoothly and Chisholm had enough investment. Aditya Mittal, CEO of ArcelorMittal, is expected to be the second-largest stakeholder as he’s a potential name for alternate governor.
Notably, current Celtics co-governor Wyc Grousbeck will remain in his role through the 2027-28 season. That was part of the deal when announced officially as a transitionary piece going from the Grousbeck family to Chisholm. The Grousbeck family bought the Celtics for $360 million in 2002 as the C’s won the 2008 and 2024 NBA titles during that time.
Other investors in Chisholm’s group include current Celtics minority owner Robert Hale, Bruce A. Beal Jr. and private investment firm Sixth Street. The league’s private equity rules state that it can only own up to 20% of a team, but Sixth Street is expected to only own about 12.5% of the team, per a previous Sportico report. Sixth Street also owns a stake in the Spurs.
The Celtics have already gone through some major changes this offseason from a basketball perspective, significantly slimming down payroll. Jayson Tatum’s ruptured Achilles tendon also means the C’s are in retooling mode as they hope their consistent first-team All-NBA talent will return at full strength.
Realistically, the Celtics needed to make cost-cutting moves this summer regardless of new ownership status. The basketball penalties that come from being in the second apron are very real as the front office had to make some tough choices. But how Chisholm and his ownership group lead the Celtics going forward is the question mark, and it’s also one that won’t be answered anytime soon.
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