Private Equity Mogul Bill Chisholm Buys Boston Celtics for Record $6.1 Billion
Private equity mogul Bill Chisholm officially purchased the Boston Celtics for a record $6.1 billion, with the NBA's unanimous approval. Wyc Grousbeck remains co-owner and CEO.
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Overview
- Private equity mogul Bill Chisholm officially acquired the Boston Celtics for a record $6.1 billion, with the NBA unanimously approving the deal last week and money changing hands on Tuesday.
- This landmark transaction sets a new record for a sports franchise purchase, significantly exceeding the $360 million paid by Wyc Grousbeck's group for the Celtics in 2002.
- Chisholm's acquisition grants him at least 51% ownership of the Boston Celtics, with expectations for him to gain full control of the franchise by 2028.
- Despite the change in primary ownership, Wyc Grousbeck will continue in his role as co-owner and CEO, maintaining leadership continuity within the organization.
- The deal potentially elevates the Boston Celtics' total valuation to $7.3 billion by 2028, reflecting the substantial investment and future growth anticipated under Chisholm's leadership.
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Analysis
Center-leaning sources cover the Celtics' ownership change with a focus on factual reporting and balanced perspectives. They detail the record-breaking sale, the new owner's stated commitment to winning, and the continuity of team leadership. The coverage includes both the positive aspects of the transition and the challenges, such as recent player trades due to salary cap implications, without editorializing.
"The sale of the Boston Celtics was finalized on Tuesday, with private equity mogul Bill Chisholm taking over control of the NBA’s most-decorated franchise from a group led by Wyc Grousbeck that had owned them for more than two decades."
ABC News"The ultimate yardstick is winning championships."
Associated PressArticles (3)
FAQ
Bill Chisholm is a private equity mogul, co-founder and managing partner of Symphony Technology Group, with a background in investing and managing software companies. He grew up in Massachusetts and is a lifelong Celtics fan.
Bill Chisholm purchased the Boston Celtics for a record $6.1 billion, which is the highest price ever paid for a team in the four major North American sports. The team's valuation could rise to $7.3 billion by 2028.
Bill Chisholm acquired at least 51% ownership now and is expected to gain full control by 2028. Wyc Grousbeck remains as co-owner and CEO, preserving continuity in leadership.
The deal was financed in part by an investment group including major financial firms such as Goldman Sachs and JP Morgan. Indian business heir Aditya Mittal invested $1 billion, gaining a significant stake.
The $6.1 billion purchase sets a new record for an American professional sports team sale, surpassing previous Celtics ownership buy-in of $360 million in 2002 and exceeding all four major North American sports teams' purchase prices except for a Lakers valuation at $10 billion for partial ownership.
History
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