The Celtics (officially) have new owners, and here's what you should know
Now — more than a year after the Celtics first announced they were up for sale — the ownership transition is official. The new investor group, led by Chisholm, also includes longtime Celtics owners Wyc Grousbeck and Rob Hale, as well as Aditya Mittal, Bruce Beal, Andrew Bialecki, Dom Ferrante, Mario Ho, Ian Loring, and global investment firm Sixth Street. The team was purchased for a historic $6.1 billion, and $1 billion of that amount comes in the form of an investment from Mittal, the CEO of a steel giant, per Sportico.
In an official press release, the Celtics detailed the team's new ownership structure. As reported by ESPN's Ramona Shelbourne last week, Chisholm will serve as Governor, though the plan was initially for Wyc Grousbeck to hold the position for the next three years. Grousbeck and Mittal will serve as Alternate Governors. Grousbeck will also serve as CEO and run day-to-day operations alongside Chisholm.
'This truly is a dream come true for me and my family,' Chisholm said in an official statement. 'I feel so fortunate to be here as part of this new investor group, who are accomplished, driven people who care deeply about the Celtics and the Boston community. On behalf of our group, I am thrilled to partner with Wyc, Brad Stevens and Rich Gotham to move this outstanding organization forward. We are committed to building on the legacy of the Celtics and raising banners, and I can't wait for the team to get back out there this fall.'
Grousbeck, who served as the face of the ownership group over the last two decades, expressed his excitement in an official press release.
'The Celtics have been my life's work for the past 23 years,' he said. 'This incredible ride is now continuing. I am fired up to be shoulder to shoulder with Bill as we pull every lever to go after another banner. There is nothing better than winning.'
A closer look at the new Celtics ownership group
The Celtics listed ten stakeholders in their official press release:
Bill Chisholm: Chisholm will serve as the investor group's top stakeholder. A lifelong Celtics fan, Chisholm is the managing partner of private equity firm STG Partners.
Forbes Billionaire rank: 1242Forbes Net Worth: $3.2 billion
Wyc Grousbeck: Grousbeck has served as one of the Celtics' owners for the last 23 years. He is the son of Irv Grousbeck, who founded Continental Cablevision, which became a major cable television provider.
Family's Forbes Billionaire rank: 1720Family's Forbes Net Worth: $2.2 billion
Aditya Mittal: Mittal is a member of one of India's wealthiest families and is the CEO of steel giant ArcelorMittal. He is reportedly investing $1 billion in the team, per Sportico.
Bruce Beal: Beal is a Boston native and has a minority stake in the Miami Dolphins. He is the president of Related Beal, a real estate firm focused on development and investment opportunities in Boston and the surrounding area.
Forbes Billionaire rank: 3010Forbes Net Worth: $1.1 billion
Andrew Bialecki: Bialecki is the cofounder and CEO of Klaviyo, which sells marketing automation software.
Forbes Billionaire rank: 1248Forbes Net Worth: $3.2 billion
Dom Ferrante: Ferrante is the managing partner of the Ferrante group, a Florida-based private equity firm. He was previously a managing director of Bain Capital.
Rob Hale: Hale first joined the Celtics investor group in 2012 and is the founder and CEO of Granite Telecommunications, a wholesale telecommunications provider based in Quincy, Massachusetts. He is a resident of Hingham and is one of the few carryovers from the previous ownership groups.
Forbes Billionaire rank: 638Forbes Net Worth: $5.8 billion
Mario Ho: Ho is the founder of an esports company and the youngest founder of a Nasdaq-listed company in Asia. He is the son of casino tycoon Stanley Ho.
Ian Loring: Loring is the senior managing director of Haveli Investments, a Texas-based private equity firm focused on technology and gaming. He was previously a managing director at Bain Capital.
Sixth Street: It was previously reported that Sixth Street, a global investment firm, is expected to own around 12.5% of the Celtics. The equity giant also owns a stake in the San Antonio Spurs.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
8 minutes ago
- Yahoo
Elizabeth Warren Says Elon Musk's SpaceX Is Paying Less Tax Than You But Getting 'Billions' From The Government: Trump And GOP 'Rigged' The Tax Code
Sen. Elizabeth Warren (D-Mass.) has accused Elon Musk's SpaceX of benefiting from billions in U.S. government contracts while paying little to no federal taxes. Warren Accuses Musk Of Dodging Taxes On Monday, Warren took to X, formerly Twitter, and said that "Elon Musk's SpaceX is worth over $350 BILLION – after receiving billions in government contracts – but could be paying LESS in taxes than you." She blamed Donald Trump's tax reforms, saying Republicans "rigged the tax code with loopholes for billionaire corporations" and demanded "no more corporate handouts." Trending: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — Her remarks followed a New York Times report that SpaceX has avoided paying federal income tax on about $5 billion in taxable income since its founding in 2002 by using a legal tax strategy known as a net operating loss carryforward. The provision, expanded indefinitely under Trump in 2017, lets companies offset future income with earlier losses. Musk Previously Defended Tesla's Tax Strategy Musk currently has a net worth of $375 billion, according to Bloomberg's Billionaire Index, making him the wealthiest individual on Earth. In February earlier this year, Musk and Tesla Inc. (NASDAQ:TSLA) VP of Finance Sendil Palani denied claims that Tesla evaded taxes, saying that the company legally carried forward past losses under IRS provisions. At the time, Musk acknowledged Tesla didn't pay U.S. federal income tax for several years, including 2024, since most profits come from overseas sales, but highlighted the need for comprehensive tax reform to address excessive Revenue Soars, Taxes Stay Low Documents reviewed by the publication show that more than 75% of SpaceX's revenue in 2020 and 2021 came from federal contracts. Despite that reliance on taxpayers, SpaceX paid only minimal taxes — including $483,000 to foreign governments and $78,000 in state taxes in 2021. SpaceX's business is also booming. Revenue is expected to reach $15.5 billion in 2025, double the $7.4 billion reported in 2023. Starlink, its satellite internet service, now generates more revenue than its rocket division, with 2.5 million users and $8 billion in 2023 sales. Warren Broadens Criticism Of Musk Warren has previously also targeted Musk over what she describes as conflicts of interest and misuse of government influence. In June, her office released a report titled "130 Days of Elon Musk," alleging more than 100 abuses of power during his time as a Trump administration adviser. She has also criticized the Pentagon for awarding Musk's AI startup xAI a $200 million contract just days after its chatbot Grok was caught making antisemitic remarks. Read Next: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.30/share. Bezos' Favorite Real Estate Platform Launches A Way To Ride The Ongoing Private Credit Boom Photo Courtesy: Sheila Fitzgerald On UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Elizabeth Warren Says Elon Musk's SpaceX Is Paying Less Tax Than You But Getting 'Billions' From The Government: Trump And GOP 'Rigged' The Tax Code originally appeared on Sign in to access your portfolio
Yahoo
8 minutes ago
- Yahoo
Better Quantum Computing Stock: D-Wave Quantum vs. Quantum Computing Inc.
Key Points Quantum computing offer an intriguing opportunity given its potential to revolutionize many industries. D-Wave Quantum and Quantum Computing Inc. are early-stage businesses with promising innovations. However, both companies are seeing volatile sales across quarters, and neither is profitable. 10 stocks we like better than D-Wave Quantum › The quantum computing sector offers an exciting new area to invest in. Quantum machines can perform sophisticated calculations beyond the capabilities of current classical computers. This tech could transform industries such as medicine and artificial intelligence. But among the bevy of businesses in the field, which are worthwhile long-term investments as the nascent industry grows? Two to consider are D-Wave Quantum (NYSE: QBTS) and Quantum Computing Inc. (NASDAQ: QUBT), which also refers to itself as QCi. Between D-Wave and QCi, one looks like the better quantum computing stock. Read on for an exploration of both businesses to understand which one and why. Untangling D-Wave Quantum's business performance D-Wave produces income primarily through subscriptions to its quantum systems via the cloud and professional services to support customers in the use of its technology. In 2025, D-Wave's sales have been on a roller coaster. It generated $15 million in the first quarter after selling one of its quantum computers. In Q2, revenue was $3.1 million, a 42% increase from 2024's $2.2 million as the company picked up $1 million to upgrade the device sold in the first quarter. This sales volatility could continue for some time as D-Wave grows its business. An encouraging sign is 92% year-over-year growth in its Q2 bookings to $1.3 million. Bookings represent customer orders received in the quarter that are expected to produce revenue when the orders are fulfilled. However, D-Wave isn't turning a profit. Its Q2 operating loss of $26.5 million was a 42% increase from the previous year. That's a concerning trend given its Q2 revenue of just $3.1 million. Fortunately, D-Wave has stockpiled a record high $819.3 million in cash and equivalents on its balance sheet. It exited Q2 with total assets of $843.6 million versus total liabilities of $149.3 million. This enables the company to maintain operations in the short term on its path to revenue growth. Quantum Computing Inc.'s budding business QCi uses light particles, called photons, to perform calculations in its quantum computer chips. It sells these chips, other hardware, and professional services to generate revenue. The company is in an early stage of its business lifecycle with sales coming primarily from research grants and proof-of-concept projects. As a result, its sales are small, and prone to substantial swings. For example, in 2024, QCi generated revenue of $373,000, a 4% year-over-year increase. But through the first half of 2025, sales plunged 52% to $100,000. QCi's technology has the potential to generate long-term revenue growth. Photons can be used in a wide range of light sensing, imaging, and other optical applications. Nevertheless, until QCi can gain traction with a larger group of customers, sales will continue to struggle. And that does not bode well for its business viability, because the company is not profitable. The company exited Q2 with an operating loss of $10.2 million against revenue of $61,000 as research and development costs more than doubled year over year to $6 million. QCi's saving grace is that, like D-Wave, it amassed a large war chest to fund operations in the short term. Q2 total assets were $426.1 million with cash and equivalents of $348.8 million. Total liabilities in the quarter were $30.1 million. Deciding between D-Wave Quantum and Quantum Computing Inc. In choosing between D-Wave Quantum or QCi, an important consideration is share price valuation. Since both are not profitable, the way to get at this is using the price-to-sales (P/S) ratio, which measures how much investors are willing to pay for every dollar of revenue generated over the trailing 12 months. The chart shows QCi's P/S multiple is far above D-Wave's, and the disparity is so great, QCi shares look overpriced. Consequently, D-Wave stock is the better value. This, combined with promising sales and bookings growth, makes D-Wave a more attractive investment than its rival. At QCi's current phase of development, it's a highly speculative stock given the low revenue, high costs, and limited commercial sales. This doesn't mean D-Wave shares are a bargain, since its sales multiple is quite high as well. Another factor to consider is that the quantum computing industry is in its early stages. Quantum computers are prone to calculation errors, because the atomic particles in these machines are sensitive to the slightest environmental disturbances, such as a minor temperature change. So while D-Wave is the better choice versus QCi, any investment in a pure-play quantum computer company is a risk. And it could take years before a scalable quantum device is possible. Some estimates predict that won't happen until 2040. Given these factors, only investors with a high risk tolerance should consider investing in D-Wave. Should you invest $1,000 in D-Wave Quantum right now? Before you buy stock in D-Wave Quantum, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and D-Wave Quantum wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $671,466!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,115,633!* Now, it's worth noting Stock Advisor's total average return is 1,077% — a market-crushing outperformance compared to 185% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of August 18, 2025 Robert Izquierdo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Better Quantum Computing Stock: D-Wave Quantum vs. Quantum Computing Inc. was originally published by The Motley Fool
Yahoo
8 minutes ago
- Yahoo
Lowe's to buy Foundation Building Materials for $8.8 billion to boost contractor business
(Reuters) -Lowe's Cos said on Wednesday it has agreed to buy interior building products distributor Foundation Building Materials for nearly $8.8 billion, stepping up its expansion into the professional builder market. Shares of the home improvement chain rose 4.3% in premarket trading as the company also beat second-quarter profit estimates. Lowe's and rival Home Depot are leaning on deals to bolster their businesses that serve contractors and builders, a key growth area, amid softness in the do-it-yourself segment. Lowe's acquired Artisan Design for $1.33 billion in April, while Home Depot in late June decided to buy specialty building products distributor GMS for about $4.3 billion. The company raised its total annual sales forecast to a range of $84.5 billion to $85.5 billion, compared to its prior expectation of $83.5 to $84.5 billion. It earned $4.33 per share on an adjusted basis in the quarter, exceeding estimates of $4.24, according to data compiled by LSEG. 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
