Washington (AFP) – The NBA’s Boston Celtics are being sold to the head of a California private equity firm for $6.1 billion, a record price for a US sports franchise, the club’s owners confirmed Thursday. Boston Basketball Partners LLC said in a statement it had agreed to sell the iconic team to William Chisholm, managing director and co-founder of Symphony Technology Group.
“If approved, the new ownership group will buy a majority of the team this summer at an initial valuation of $6.1 billion,” the statement said, confirming the purchase price reported by US media. That’s the highest ever offered for a North American sports team, surpassing the $6.05 billion paid for the NFL’s Washington Commanders in 2023. The sale of the Celtics, the current NBA champions, still requires the approval of the NBA Board of Governors. The team is one of the most storied in the league’s history, with a record 18 championships.
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Chisholm, a Massachusetts native, said in a statement he has been “die-hard fan Celtics fan my entire life.” “I understand how important the Celtics are to the city of Boston — the role the team plays in the community is different than any other city in the country,” Chisholm said. “I also understand that there is a responsibility as a leader of the organization to the people of Boston, and I am up for this challenge.”
The new ownership group also includes current Celtics co-owner Robert Hale; Bruce Beal Jr, president of Related Companies; and the global investment firm Sixth Street. The Grousbeck family and Steve Pagliuca purchased the Celtics for $360 million in 2002. Wyc Grousbeck will continue in his roles of chief executive officer and Governor, overseeing team operations through the 2027-28 season. Chisholm said he was looking forward to learning from Grousbeck along with Celtics president Brad Stevens and head coach Joe Mazzulla.
The Boston Globe reported that three other buyers had been under consideration: Celtics co-owner Pagliuca; Stan Middleman, a co-owner of Major League Baseball’s Philadelphia Phillies; and The Friedkin Group. Pagliuca released a statement after news of the pending sale broke, saying he “worked tirelessly to put together a strong bid” and was “saddened” that his offer to buy the team was not selected.
“We made a fully guaranteed and financed offer at a record price, befitting the best sports fans in the world, and with all the capital coming from individuals who are fully committed to winning on and off the court,” Pagliuca said in his statement. “We had no debt or private equity money that would potentially hamstring our ability to compete in the future. We have felt it was the best offer for the Celtics.”
“I will never stop being a Celtic, and if the announced transaction does not end up being finalized, my partners and I are ready to check back into the game and bring it home, to help continue what the Celtics do best — win,” he added. Three NBA teams were sold in 2023: the Phoenix Suns for $4 billion, the Milwaukee Bucks for $3.5 billion, and the Dallas Mavericks for $3.5 billion.
© 2024 AFP
