Boston Celtics Sold for Record $6.1 Billion: A New Era Begins

Boston Celtics Sold for Record $6.1 Billion: A New Era Begins

In a groundbreaking move that has sent shockwaves through the sports world, a group led by Bill Chisholm, managing partner at Symphony Technology Group, has agreed to purchase the Boston Celtics for a valuation of $6.1 billion. This staggering figure, reported by ESPN’s Shams Charania, sets a new benchmark in North American sports history, surpassing the $6.05 billion paid by Josh Harris for the NFL’s Washington Commanders in 2023. It also eclipses the previous NBA record set when Mat Ishbia acquired the Phoenix Suns for $4 billion just two years ago.

The new ownership group is not just about Chisholm; it also includes prominent Boston business figures like Rob Hale, a current Celtics shareholder, and Bruce Beal Jr. The sale agreement was announced on Thursday, though the specific terms remain undisclosed.

Chisholm, reflecting on his lifelong passion for the Celtics, shared with Charania, “This process to buy the team started just under 50 years ago when I had my 7th birthday and attended a game at the old Boston Garden. I was hooked ever since. I’ve been a rabid fan ever since. I bleed green. I love the Celtics. When this opportunity came up, I couldn’t pass it up. Wyc has done an incredible job running this franchise. So why would you mess that up? The team is in a great place right now, and I’m very sensitive to that. Wyc, Brad [Stevens] and Joe [Mazzulla] have done amazing jobs and that’s all goodness that we want to continue.”

The Celtics, who claimed their 18th NBA title last June by defeating the Dallas Mavericks in five games, initiated the sale process shortly after their victory. This decision by the controlling ownership group, Boston Basketball Partners, LLC, led by Wyc Grousbeck and Steve Pagliuca since 2002, surprised many in the basketball community. The group had provided over two decades of stable leadership to one of the most iconic franchises in North American sports.

Grousbeck, whose family spearheaded the purchase of the team in 2002 for $360 million, revealed that Chisholm requested him to remain as CEO and governor for the next three seasons. “We hoped from the beginning to find the right person with the resources and commitment to win banners, and being a great person,” Grousbeck told Charania. “Bill checks every box for us. I have always been a consultant and have had final say here with the Celtics since the family bought into the team, and that will continue for the next three years and we will transition.”

The agreement outlines a two-part sale where Chisholm will acquire at least 51% of the team upon approval by the NBA’s board of governors, potentially as soon as this summer. Current owners have the option to retain their shares until 2028, at which point they could be sold at a price up to 20% higher, based on a formula tied to league revenue growth.

Chisholm’s vision for the team is clear: “My approach is to win and raise banners. That’s in the near term and the long term. I’ve had a couple of sit-downs with Brad and it’s been about aligning our goals, and extending the window of this team. The plans that Wyc and Brad have laid out make perfect sense to me.”

Steve Pagliuca, acknowledging the sale in a social media statement, expressed his disappointment at not being selected in the process despite his strong push to purchase the Celtics from the Grousbeck family.

• Pagliuca’s statement can be found here.
• Sources indicated that Grousbeck and Pagliuca exchanged “warm” texts on Thursday.

During a conference call with reporters in November, following Boston’s visit to the White House to celebrate their title, Grousbeck reiterated his plan to remain in charge post-sale, through 2028.

As the Celtics transition to new ownership, they face significant challenges ahead. Boston is on track to become the first NBA team to exceed $500 million in combined payroll and luxury tax payments next season, coinciding with Jayson Tatum‘s supermax extension and the final steps of the current collective bargaining agreement. This financial landscape makes it challenging to maintain the current team structure long-term.

Nevertheless, the Celtics remain one of the favorites to win the title this season, aiming to become the first team to repeat as champions since the 2017-18 Golden State Warriors.

Grousbeck emphasized the importance of strategic brilliance in the current NBA climate, stating, “With the new collective bargaining agreement, it puts all of the basketball issues at a premium. You have to be brilliant and lucky to run a team successfully. We have that in Brad. Brad is the executive of the year.”

The Celtics’ legacy is unmatched, with 18 NBA titles, trailing only the New York Yankees (27) and Montreal Canadiens (24) among all North American professional sports leagues.

Chisholm, who plans to attend games with his wife in April, expressed his excitement, “It’s been emotional for me since we got this done. As a family, we listened to Johnny Most, the old voice of Celtics, describing the Celtics and one of his calls. … We just listened to him and had a great dinner [Wednesday] night. It’s a dream come true. I have had to pinch myself. This is the best sports franchise in the world — not just the United States and not just basketball. It’s the winningest team in the U.S. and the quality of what’s here is unmatched. I think about the potential and the legacy here, and I personally feel like I got a bargain.”

He concluded, “I’m a fan. That’s the most important thing. I bleed green. I’m up for the challenge.”

The Celtics’ sale could also influence the timeline for NBA expansion. Sources suggest that the league may revisit its expansion plans now that there is clarity on Boston’s situation and the sale price.

The Associated Press contributed to this report.