New Celtics owner Bill Chisholm (right) and former lead governor Wyc Grousbeck intend to run the team together for the next three years.
New Celtics owner Bill Chisholm (right) and former lead governor Wyc Grousbeck intend to run the team together for the next three years.Danielle Parhizkaran/Globe Staff
The NBA’s Board of Governors on Wednesday unanimously approved the sale of the controlling interests in the Celtics to an investment group led by Bill Chisholm, who agreed in March to purchase the team from the Grousbeck family at a valuation of $6.1 billion.
This vote had long been viewed as a formality, but it is the last big step before ownership officially changes hands this season. The NBA said in a release that the transaction “is expected to close shortly.”
When the sides agreed to the deal five months ago, it was announced that 51 percent of the team would be sold to Chisholm’s group after the deal was finalized, with the balance closing in 2028, with lead governor Wyc Grousbeck remaining in control of the team until then.
But that plan was slightly altered this week, according to league sources, because after the final funding of the transaction, Grousbeck’s holdings dipped below the 15 percent required to be lead governor. So, Chisholm will step into that role immediately after the deal closes, sources said.
League sources added that Grousbeck will remain in the ownership group as alternate governor and CEO through 2028, and that he and Chisholm intend to run the team together for the next three years, similar to the original agreement.
Adam Himmelsbach can be reached at adam.himmelsbach@globe.com. Follow him @adamhimmelsbach.