Celtics sale gets $1 billion investment from Indian steel giant: reports
A member of one of India's wealthiest families, Mittal reportedly could become the second-largest stakeholder of the Celtics and potentially serve as the alternate governor down the road.
The top stakeholder will be William Chisholm, whose group reached a deal to purchase the Celtics in March for a whopping $6.1 billion -- the highest price tag in U.S. sports team history. Chisholm, a private equity firm executive, is expected to take over as team governor after the 2027-28 season.
While the agreement was not fully financed at the time of the deal, Chisholm and his group have raised funds over the past few weeks with Mittal's investment bringing the group closer to the agreed-upon price.
Mittal is the son of Lakshmi Mittal, executive chairman of ArcelorMittal, which Forbes reports is the largest steel and mining company in the world by output that generates some $68 billion in revenue. In addition, Lakshmi Mittal also sits on the board of Goldman Sachs, the financial adviser for Chisholm's group.
--Field Level Media
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
8 minutes ago
- The Independent
Michigan football fined 10s of millions of dollars, Moore suspended 3 games in sign-stealing scandal
The NCAA fined Michigan tens of millions of dollars Friday and suspended coach Sherrone Moore for three games for a sign-stealing scandal that has loomed over college football's winningest program for nearly two years. Moore, who was already issued a self-imposed two-game suspension by Michigan, will also be banned from the first game of the 2026-27 season for a total of three games. Moore received a two-year show-cause order, but he will be allowed to fulfill coaching commitments and other athletically related activities. Financial penalties are expected to exceed $20 million and include a $50,000 fine, a 10% fine on the football program's budget, a 10% fine on Michigan's 2025-26 scholarships and a fine equivalent to the anticipated loss of postseason revenue for the 2025 and 2026 seasons. Michigan also faces a 25% reduction in official visits during the upcoming season and a 14-week prohibition on football recruiting communications during the probation period. Connor Stalions, a former a low-level staffer who conducted the scouting and sign-stealing operation, was issued an eight-year show-cause order. Former Michigan coach Jim Harbaugh faces a 10-year show-cause order following the conclusion of his previous four-year order effective Aug. 7, 2028. Harbaugh and Stalions will be prohibited from engaging in all athletically related activities. The NCAA does not have rules against stealing signs, but does prohibit schools from sending scouts to the games of future opponents and using electronic equipment to record another team's signals. In a notice sent to the school last year, the NCAA alleged that Moore violated rules as an assistant under Harbaugh. Harbaugh, who left the Wolverines after they won the 2023 national championship and now coaches the Los Angeles Chargers, served a three-game suspension in exchange for the Big Ten dropping its investigation into the allegations after the two ended up in court. Moore also was accused of deleting text messages with Stalions before they were recovered and provided to the NCAA. The NCAA investigation surfaced early in the 2023 season amid allegations that Michigan used a robust in-person scouting and sign-stealing operation conducted by Stalions. He was suspended by the school and later resigned. Stalions, who did not participate in the NCAA investigation, recently said he knew almost every signal opponents used in seven games over two seasons. Big Ten Commissioner Tony Petitti sent a letter to the NCAA Committee on Infractions last month, suggesting that Michigan's football program should not face more sanctions related to the sign-stealing saga. The Wolverines open the season on Aug. 30 at home against New Mexico State and then play at Oklahoma, where Moore was an offensive lineman, on Sept. 6. ___
Daily Mail
8 minutes ago
- Daily Mail
NFL star Kirk Cousins remains in limbo as Falcons weigh trading their $27m BACKUP quarterback
Will the Atlanta Falcons put football's highest-paid backup quarterback on the field this preseason or keep him sidelined in hopes of preserving the possibility of a trade? Falcons coach Raheem Morris has been noncommittal about playing Kirk Cousins after sitting the 36-year-old in the preseason opener. Cousins could take the field Friday night against the Tennessee Titans in the second preseason game, where starter Michael Penix Jr. has already been ruled out. Morris said earlier this week that Easton Stick and Emory Jones will see most of the snaps under center against the Titans. Just where that leaves Cousins is a bit murky at the moment. He signed a four-year, $180 million deal with the Falcons as he was recovering from a season-ending Achilles injury in March of 2024. The team drafted Penix, his presumed backup, a month later, only to promote the rookie first-round pick over Cousins, who had struggled to return from off-season surgery while going 7-7. A trade obviously makes sense for both sides. However, such a deal is complicated by Cousins' $27.5 million base salary for 2025, the $70 million he's owed over 2026 and 2027, and a cap figure that grows from a whopping $40 million this season to $57.5 million in each of the next two. One team to keep an eye on could be the Los Angeles Rams, who are dealing with several questions at quarterback. Starter Matthew Stafford has been battling back issues that have sidelined him for much of training camp, although he plans on testing the injury with a workout on Sunday. The team has backups Jimmy Garoppolo and Stetson Bennett, but Cousins could offer a more experienced option if Stafford is required to miss extensive time this season. Morris was recently asked if playing Cousins in the preseason could help get the veteran passer back to his Pro Bowl form of 2016, 2019, 2021 and 2022. 'No, Kirk Cousins' problem last year, when we had to make the change, was turnovers,' Morris told reporters earlier this month. 'All things that I can evaluate within the steady confines of what we're doing right now. 'So, if we feel like we want to get him out there, just to get him some work, and I'm going to definitely compromise with a guy that's been playing the league for that long. 'He knows the amount of work he requires. He knows exactly what he needs to be ready. And I'm definitely going to communicate with him, different than with Michael Penix, different than with anybody else on the football team when you're talking about that kind of a vet. 'You're talking about guys with significant experience that I can have that grown-man conversation with, and Kirk definitely fits that bill.' Cousins has admitted he likely would have reconsidered signing in Atlanta if he knew the team planned to draft Penix, who went 1-2 in three starts last season. 'Certainly, if I had the information around free agency, it certainly would've affected my decision,' Cousins recently told reporters. 'I had no reason to leave Minnesota with how much we loved it there if both teams are going to be drafting a quarterback high. But I've also learned in 12 years in this league that you're not entitled to anything. It's all about being able to earn your spot and prove yourself.'
Reuters
9 minutes ago
- Reuters
UnitedHealth surges after Warren Buffett bets on recovery
Aug 15 (Reuters) - Shares of UnitedHealth Group (UNH.N), opens new tab surged more than 13% on Friday after billionaire Warren Buffett's Berkshire Hathaway (BRKa.N), opens new tab bought 5 million shares of the company, providing a shot in the arm for investors who think the health conglomerate will turn around under its new CEO. The shares have lost nearly half their value in the last year as the company struggled to adapt to rising healthcare costs and changes to government reimbursement plans that affected its health insurance and Optum patient care businesses. News of Buffett's stake, along with purchases by other large hedge fund managers, suggests investors believe the stock currently does not reflect its long-term outlook. However, the turnaround may be slow, as UnitedHealth reckons with billions of additional medical costs expected to hit in the coming quarters. The "vote of confidence" from Buffett validates UnitedHealth's long-term value, but "(the) management needs to regain trust and credibility with investors, and get back to its beat-and-raise reputation of the past," said James Harlow, senior vice president at Novare Capital Management. UnitedHealth missed Wall Street's earnings target for two straight quarters this year and was forced to pull back its 2025 outlook in May, rare moves for a company that had long been favored for its regular earnings growth. It reinstated the annual outlook last month, but the profit forecast was well short of analysts' already lowered estimate. The company's shares currently trade at about 15.8 times forward earnings estimates, below their five-year average of 19. The stock has dropped nearly 40% in 2025, making it the worst-performing stock on the blue-chip Dow Jones Industrial Average (.DJI), opens new tab this year. Friday's gains helped the Dow hit an all-time intraday high, while shares of rivals Humana (HUM.N), opens new tab, Elevance Health (ELV.N), opens new tab and CVS Health (CVS.N), opens new tab rose more modestly. "I'm a bit surprised at the magnitude of the stock move today but that shows how beaten up and out of favor the stock and entire health insurance sector is," Jeff Jonas, portfolio manager at Gabelli Funds said. In the last two years, the company has dealt with fallout from a cyberattack at its technology unit that served as a major backbone in the U.S. healthcare system, the murder of its insurance unit chief in December, and a federal investigation into its government-backed health plans. In May, CEO Andrew Witty abruptly resigned in the face of the worsening operational issues, and Stephen Hemsley, who had run the company from 2006 to 2017, took over. Buffett is known as a patient and opportunistic investor, swooping in with big investments in companies during periods of struggle when he sees a long-term strategic value. He invested heavily in Occidental Petroleum (OXY.N), opens new tab in 2019 as it tried to finance a merger with Anadarko Petroleum and has kept adding to his stake despite the company's weak stock performance. He famously took a stake in investment bank Goldman Sachs (GS.N), opens new tab at the height of the global financial crisis in 2008. "Buffett's purchase is a psychological reassurance to many investors that saw UnitedHealth as 'untouchable,' given the massive turbulence in the stock over the past few months," said Kevin Gade, chief operating officer at UnitedHealth investor Bahl & Gaynor. Berkshire said in a U.S. Securities and Exchange Commission filing on Thursday that it owned 5.04 million UnitedHealth shares, worth about $1.57 billion, as of June 30. Buffett owned about 1.18 million shares in UnitedHealth between 2006 and 2009, before selling his entire stake in 2010. Several other prominent hedge funds, including David Tepper's Appaloosa Management, Lone Pine Capital and Two Sigma Investments, also bought UnitedHealth's shares, regulatory filings showed on Thursday. "While UnitedHealth still faces elevated uncertainty, it is good to see that this renowned investment firm also believes the market is discounting assumptions that are too pessimistic for the long term," said Morningstar analyst Julie Utterback.
