NEW YORK – The NBA on Aug 13 approved the sale of the Boston Celtics to an investment group led by Bill Chisholm, five months after the deal worth a then-record US$6.1 billion was agreed.
“The NBA Board of Governors has unanimously approved the sale of the controlling interests in the Boston Celtics to an investor group led by Bill Chisholm,” the league said in a brief statement.
“The transaction is expected to close shortly.”
Chisholm is the managing director and co-founder of Symphony Technology Group. When he and his co-investors agreed to purchase the storied Celtics franchise “at an initial valuation of US$6.1 billion”, that was the highest ever offered for a North American sports team.
It has since been surpassed by the US$10 billion sale, in June, of the Los Angeles Lakers by the Buss family to billionaire Mark Walter.
When the Celtics sale was announced, it was stated that Wyc Grousbeck would continue in his roles of chief executive officer and governor, overseeing team operations through the 2027-28 season.
The Grousbeck family and Steve Pagliuca purchased the Celtics for US$360 million in 2002.
But US media reported this week that Chisholm – a Massachusetts native who calls himself a “die-hard Celtics fan” – will assume the role of governor because under the terms of the deal, Grousbeck will no longer have the required 15 per cent ownership stake the league requires to hold that role.
Nevertheless, ESPN reported Chisholm and Grousbeck “plan to run the team together as originally planned”.
The Celtics are one of the most storied teams in the NBA’s history, with a record 18 championships, the most recent in 2024.
Besides them and the Lakers, Sportico and other US media also reported on Aug 13 that Tom Dundon, owner of the NHL’s Carolina Hurricanes, has agreed to buy the Portland Trail Blazers at a valuation US$4.25 billion from the estate of Paul Allen.
The Trail Blazers announced they were up for sale in May, with proceeds to go to philanthropic causes.
Microsoft co-founder Allen died from cancer in 2018 and his will called for the Trail Blazers to be sold eventually. Allen’s sister, Jody Allen, has been acting as the team’s governor and executor of the Paul Allen Trust.
Dundon, a billionaire financier, became majority owner of the NHL’s Hurricanes in 2018 and completed the purchase of all minority shares in 2021 to become sole owner of the franchise.
He leads a group purchasing the Trail Blazers that also includes Blue Own Capital president Marc Zahr and Tyle, who is founder and co-chief executive of investment firm Collective Global. AFP, REUTERS
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