Wyc Grousbeck will be out as Celtics' lead governor when sale of team to Bill Chisholm is completed soon
'When you look at the way the team has performed and the leadership that Wyc has shown around that, it's kind of a no-brainer,' he told the Globe then. 'If you're actually a fan and you're passionate about winning, why would you change that? And that, to me, made it really a pretty easy decision.'
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Grousbeck, meanwhile, said then that he intended to include Chisholm in all major company matters, regardless of the hierarchy.
'For 22 years it's worked that I've been the governor in day-to-day control, but that also means being part of a partnership and consulting with the partners on major decisions: the budget, major trades, things of real import,' Grousbeck said. 'So that's going to continue absolutely over these three years with Bill, and I feel very comfortable that we've already built a partnership.'
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Chisholm's bid was not fully financed when it was accepted in March, but that is common in a deal this massive.
Chisholm is required to own at least 15 percent of the team in order to become lead governor, but his total stake remains unclear. Aditya Mittal, CEO of the global steel giant ArcelorMittal, is expected to be one of the largest shareholders following his $1 billion investment.
The private equity firm Sixth Street, which holds an ownership stake in the San Antonio Spurs, will also hold a significant stake in the Celtics, but private equity firms must serve as silent partners.
The new ownership group also includes Boston business executive and current Celtics minority owner Robert Hale, whose stake will increase, as well as Bruce Beal Jr., president of Related Companies.
Grousbeck has said it would be important to his family to choose a bidder who would uphold the Celtics' tradition, and Chisholm has given every indication that this is much more than a big investment.
Chisholm, the co-founder of a California investment firm, was born in Wellesley and raised in Georgetown. He owns a home on Nantucket and has said he plans to purchase a home in Boston soon.
He said he watched every Celtics game long before he considered purchasing the team, and during the 2023-24 championship season he would record hype videos before most playoff games and send them to members of his family.
He attended several games with Grousbeck after this deal was announced in March, and was positioned to take over a team with the pieces in place to potentially establish a dynasty.
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But star forward Jayson Tatum ruptured his Achilles' tendon during Game 4 of the Eastern Conference semifinals against the Knicks in May. The Celtics lost that series two games later and
Tatum's injury is expected to sideline him for the upcoming season, and president of basketball operations Brad Stevens has worked feverishly this offseason to get the Celtics back below the salary cap's second apron and avoid severe future roster-building restrictions.
In recent months, the Celtics traded key pieces of their 2023-24 championship core, including Kristaps Porzingis, Jrue Holiday, and Luke Kornet. Al Horford remains a free agent, but Stevens has made it clear that the big man's time in Boston has come to an end.
The high-priced veterans have mostly been replaced by lower-cost options on short-term contracts, such as Anfernee Simons, Luka Garza, and Josh Minott. The Celtics have shed about $300 million in salary and luxury-tax penalties in recent months, and positioned themselves to essentially take a gap year while they await Tatum's return.
'I'm all about winning championships and raising banners, and doing that now, and also doing it over the long term,' Chisholm said in March. 'I think [Grousbeck] has done an incredible job of balancing that, and I think that's the path we're on and that's the path we should stay on.'
Adam Himmelsbach can be reached at
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About Us: SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world. CONTACT: Contact Us: Jagney Dave - Vice President of Client Engagement Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
