Private equity leader Bill Chisholm's investment group has reached a deal to buy the Boston Celtics for $6.1 billion, breaking all previous NBA sales records.
The massive deal surpasses the $6 billion record set by the NFL's Washington Commanders last year. The price shows how dramatically the team's value has grown since 2002, when it went for just $360 million.
Wyc Grousbeck will continue as CEO through 2028, helping smooth the ownership change. The buying team includes local business leaders Rob Hale of Granite Telecommunications and real estate developer Bruce A. Beal Jr.
Key investor Sixth Street has put up $1 billion for the purchase. The deal benefits from Hale's sports industry experience from his ownership stake in the Boston Bruins.
This sale follows the Celtics winning their 18th NBA championship. The win adds more value to what's already the most successful franchise in the league.
The deal ends a 22-year ownership run by Boston Basketball Partners. Despite trying hard, longtime co-owner Steve Pagliuca couldn't put together enough money for full ownership.
As head of Symphony Technology Group, Chisholm manages tech investments worth over $4 billion. His company focuses on software businesses and tech service companies.
The NBA's board of governors still needs to approve the deal. They'll review all the details and ownership setup in the weeks ahead.
