Latest news with #AdityaMittal
Time of India
23-05-2025
- Business
- Time of India
Boston Celtics secure $1 billion investment from Indian steel tycoon Aditya Mittal in historic $6.1 billion sale
The Boston Celtics are set for a transformative ownership shift after Indian steel magnate Aditya Mittal committed a staggering $1 billion to the franchise. This investment is part of a landmark $6.1 billion sale led by private equity executive William Chisholm, marking one of the most expensive team acquisitions in NBA history. Tired of too many ads? go ad free now Aditya Mittal becomes second-largest stakeholder in the Boston Celtics Aditya Mittal, CEO of global steel leader ArcelorMittal and son of billionaire Lakshmi Mittal, will emerge as the ' second-biggest owner after Chisholm. Mittal's involvement bridges a crucial funding gap for Chisholm's ownership group and positions him for a potential role as alternate governor in the future. Boston Celtics Jayson Tatum (Image via Getty). Key details about the ownership transition: - Primary investor: William Chisholm will take over as team governor after the 2027-28 season, succeeding current governor Wyc Grousbeck. - Mittal's role: While remaining ArcelorMittal CEO, Mittal will bring his business expertise to the Celtics' strategic decisions. - Governance shift: The Grousbeck family, who guided the team to four Finals appearances since 2002, will relinquish their majority stake. Why the Boston Celtics sale comes at a critical juncture The ownership change arrives during a pivotal offseason for the Celtics. After a second-round playoff exit and concerns over injury, the franchise faces roster adjustments and financial challenges. Aditya Mittal's investment provides stability and resources to navigate: - Luxury tax implications - Offseason roster moves - Long-term championship contention A Mittal spokesperson called the Boston Celtics investment a 'tremendous opportunity,' emphasizing his commitment to both the NBA franchise and his corporate leadership role. (H/t ) The NBA Board of Governors is expected to approve the sale this summer, solidifying the Celtics' valuation as a benchmark in professional sports. The deal also highlights the growing trend of international investors entering American sports ownership. With Aditya Mittal's $1 billion backing, the franchise gains not only financial muscle but also global business acumen. The new ownership group will focus on: 1. Stabilizing the team's competitive future 2. Managing salary cap challenges 3. Leveraging Mittal's international network for brand growth Also read: The Celtics' $6.1 billion sale sets a new precedent, proving that elite NBA franchises remain lucrative assets for high-profile investors.
USA Today
22-05-2025
- Business
- USA Today
Report: Indian steel magnate Aditya Mittal adds $1 billion investment in Boston Celtics
Report: Indian steel magnate Aditya Mittal adds $1 billion investment in Boston Celtics Per new reporting from Sportico's Scott Soshnick, Kurt Badenhausen, and Eben Novy-Williams, the Boston Celtics new ownership group just got a little bigger -- and the solution to the financing gaps for incoming Celtics majority owner Bill Chisholm is the new addition to to the ownership group. According to Sportico, Indian steel magnate Aditya Mittal is investing a billion dollars into the team, and will thus likely become the Celtics' second-largest individual stakeholder and could also be the ball club's alternate Governor after Chisholm as the lead team Governor. Per the article, "Mittal is the son of Lakshmi Mittal, who serves as executive chairman of $62 billion-in-revenue ArcelorMittal, the world's second-largest steel and mining company after China's state-owned Baowu." "Lakshmi started Mittal Steel in the late 1980s and merged the company with France's Arcelor in 2006," they add. "Aditya has long been a huge supporter of the Boston Celtics," reportedly wrote a spokesperson for Mittal. "When Wyc and Bill approached Aditya, he saw it as a tremendous opportunity to get involved with this incredible team. Obviously, he remains super focused on ArcelorMittal and also very much looks forward to supporting the team further."
Reuters
22-05-2025
- Business
- Reuters
Celtics sale gets $1 billion investment from Indian steel giant: reports
May 22 - Aditya Mittal, the CEO of steel giant ArcelorMittal, has agreed to invest $1 billion into a group purchase of the Boston Celtics, Sportico and Bloomberg reported Thursday. 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
Bloomberg
22-05-2025
- Business
- Bloomberg
ArcelorMittal CEO Invests $1 Billion in Group Buying Celtics
Aditya Mittal, chief executive officer of steelmaker ArcelorMittal SA, is investing $1 billion into Bill Chisholm's purchase of the NBA's Boston Celtics, according to a person familiar with the transaction. While Chisholm will still be the largest shareholder, Mittal will have a significant stake in the team, said the person who asked not to be identified because the deal is private. Chisholm's group originally agreed to buy the Celtics in March from the Boston Basketball Partners in two parts, with the first transaction valuing the team at $6.1 billion, a record price for a control sale of a sports franchise.
Hans India
22-05-2025
- Business
- Hans India
Powering cleaner steelmaking in India: Electricity from ArcelorMittal's 1GW renewable energy project starts flowing to its Indian steelmaking JV
ArcelorMittal's largest renewable energy venture, a 1GW solar and wind project located in Andhra Pradesh, southern India, has recently started providing clean electricity to AM/NS India, ArcelorMittal's 60/40 Indian steelmaking joint venture with Nippon Steel. The $0.7 billion project – developed, constructed and commissioned by AM Green Energy, a wholly owned ArcelorMittal subsidiary - is expected to reduce AM/NS India's carbon emissions by 1.5 million tonnes per year, supporting AM/NS India's target to reduce the carbon intensity of the steel it produces by 20% by 2030 (against a 2021 baseline). The India renewables project has been developed as a hybrid project, integrating the 1GW of solar and wind capacity with a third-party hydro pumped storage solution (currently under testing and scheduled for commissioning by June 2025), ensuring the project will ultimately deliver at least 250MW of round-the-clock power - critical for continuous energy production. It will provide over 20% of the existing energy requirements at AM/NS India's steel plant in Hazira, Gujarat. Vast in scale, the solar site is spread over 2,400 acres – enough to hold more than 1,700 FIFA size football fields – and the wind site is spread over 700 acres. Now fully commissioned and running at nameplate capacity, c. 1.5 million solar panels and 91 wind turbines will generate 2.5 billion kilowatt-hours (kWh) of power annually, equivalent to powering nearly 10 million Indian households. Commenting, Aditya Mittal, CEO, ArcelorMittal, said: 'Investing in renewable energy generation is an exciting new business area for ArcelorMittal. It provides cost effective clean energy security for our steelmaking operations and supports our decarbonisation objectives. 'The India project is the first of our major renewables projects to be commissioned. It is a large and ambitious project that has been completed efficiently and safely in approximately 18 months – one of the fastest projects of this scale delivered in India – with clean electricity now being provided to AM/NS India. My congratulations go to everyone involved in the project. Its successful delivery demonstrates our commitment to growing our presence in India in a safe, sustainable manner.' The India renewables project is one of several renewable energy projects ArcelorMittal is developing. In total, the Company has 2.3GW of renewable energy projects underway, in India, Brazil and Argentina. It also forms part of ArcelorMittal's suite of strategic growth projects, from which the Company expects to generate incremental annual EBITDA of $1.9 billion when all complete by the end of 2027.
