Latest news with #BillChisholm
New York Post
27-05-2025
- Business
- New York Post
Trump's spending bill to slash tax breaks for sports team owners
The GOP spending bill that advanced through the House includes a proposal to slash tax breaks for sports team owners in half – which could slow deals by the ultra-rich to buy NBA and NFL teams. Since 2004, owners of sports teams have been able to write off the entire value of intangible assets – like player contracts and sponsorships – over a period of 15 years. These assets typically make up the bulk of a team's value, accounting for hundreds of millions of dollars in deductibles for owners. Advertisement 4 Boston Celtics investor Bill Chisholm applauds during a first-round playoff game in April. AP But President Trump's massive 1,100-page tax bill, which the House approved last Thursday, would chop the amount owners could write off by half. The bill is now headed for the Senate. Those changes would raise an estimated $991 million in revenue over 10 years, according to the congressional Joint Committee on Taxation. Current sports team owners would not be impacted, only future acquisitions, but the tax break change could significantly cool the speedy pace of dealmaking among billionaires. Advertisement Just earlier this year, investor Bill Chisholm bought the Boston Celtics for a record-breaking $6.1 billion. NFL team owners, during a two-day meeting last week, were encouraged to call senators in their home states and urge them not to include a similar provision in the Senate version of the bill, according to The New York Times. The write-off change 'felt punitive' and like a means for Trump to gain leverage over the team owners, the president of one NFL team told the Times. Advertisement 4 Ivica Zubac of the Los Angeles Clippers shakes hands with team owner Steve Ballmer. NBAE via Getty Images The White House denied this claim, arguing the provision is meant to punish teams for inflating ticket prices. 'The President is committed to ensuring that sports teams overcharging ticketholders do not receive favorable tax treatment,' spokesperson Harrison Fields told The Post in a statement. 'His focus is on fairness for fans, not team ownership.' Advertisement Start and end your day informed with our newsletters Morning Report and Evening Update: Your source for today's top stories Thanks for signing up! Enter your email address Please provide a valid email address. By clicking above you agree to the Terms of Use and Privacy Policy. Never miss a story. Check out more newsletters The NFL last year was ordered to pay nearly $5 billion in damages over an antitrust class action suit that accused the football giant of overcharging for Sunday Ticket, a subscription service that showed out-of-market games. Season ticket-holders, meanwhile, have sued the Houston Texans team for more than $1 million, alleging it charged them more than other ticket holders. The White House declined to clarify which incident of overcharging to which the spokesperson is referring. 4 New York Mets owner Steve Cohen speaks before a baseball game against the New York Yankees in May. AP More than 40 of the world's 500 richest individuals own sports teams based in the US, according to the Bloomberg Billionaires Index. They boast a combined net worth of nearly $1 trillion, with some of the biggest names in business sitting courtside. Former Microsoft CEO Steve Ballmer, who has a $132.5 net worth, bought the NBA's Los Angeles Clippers for $2 billion in 2014. Advertisement 4 President Trump's tax bill includes a provision to slash the tax break for sports team owners in half. Getty Images The value of the team has soared to $5.5 billion from $575 million since Ballmer's purchase, according to Forbes. Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion in 2022, which was then a record sale price. Las Vegas Sands billionaire Miriam Adelson has taken a multi-billion dollar stake in the Dallas Mavericks, while Point72 hedge fund titan Steve Cohen owns the New York Mets.
USA Today
24-05-2025
- Business
- USA Today
Will the new Boston Celtics stakeholders have a say in how the team is run?
Will the new Boston Celtics stakeholders have a say in how the team is run? The Boston Celtics have sold the storied franchise to billionaire private equity investor Bill Chisholm, and news recently broke that he managed to secure the deal with a significant stake from Indian steel magnate Aditya Mittal, who reportedly chipped in a cool billion dollars to help Chisholm get his investor group's purchase bid across the finish line. There have been rumbles that Mittal could become the team's alternate Governor after becoming the second-largest individual stakeholder, and a significant portion of the team is also owned by a private equity group backing Chisholm. This raises the important question of who will be calling the shots for how the team is run in the short term future, especially given the hefty payroll and tax bill soon to arrive with Boston's star player, Jayson Tatum, sidelined next season. The hosts of the CLNS Media "Garden Report" podcast, Bobby Manning, Noa Dalzell, A. Sherrod Blakely and John Zannis took some time on a recent episode of their show to talk it over. Check it out in the clip embedded below! If you enjoy this pod, check out the "How Bout Them Celtics," "First to the Floor," and the many other New England sports podcasts available on the CLNS Media network:
USA Today
23-05-2025
- Business
- USA Today
Will the new owner of the Boston Celtics make big changes to the team this NBA offseason?
Will the new owner of the Boston Celtics make big changes to the team this NBA offseason? Will the new owner of the Boston Celtics make big changes to the team this coming NBA offseason? The Celtics are currently staring down the most expensive tax bill and payroll in the history of the league, just as new majority owner Bill Chisholm will take control of the storied ball club. The former Celtics majority owner and future team CEO Wyc Grousbeck recently sat down with the media to talk about how he does not believe that ANY ball club will remain in the new collective bargaining agreement (CBA)'s punitive second apron in terms of spending for more than two seasons, implicitly including the Celtics in that assessment. If that notion holds true, cuts are on the way -- but the proverbial elephant in the room is how big (and which players) might be on the move. The folks behind the "WEEI Boston Sports Original" YouTube channel put together a clip for their "Jones and Keefe" show recently to talk over the potential incoming changes. Take a look at the clip embedded below to hear what they had to say for yourself.
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.
Washington Post
17-05-2025
- Business
- Washington Post
Jayson Tatum's injury doomed the Celtics. Eventually, they'll be back.
When Bill Chisholm agreed to purchase the Boston Celtics for a record $6.1 billion in March, the private equity executive immediately faced questions about whether he was willing to pay to keep the party going. The defending NBA champions had a payroll that approached $200 million this season and were on track to spend $500 million on salary and luxury taxes next season, with no end to the exorbitant costs in sight. Chisholm provided assurances that his goal was 'extending the window of this team.' At the time, this seemed like an honorable and dutiful approach for a Massachusetts native who grew up as a Celtics fan. Two months later, after Celtics star Jayson Tatum suffered a devastating Achilles' injury that could sideline him for the entire 2025-26 season, Chisholm and his front office should take a radically different view. Nimbleness, not continuity, should be the new objective. The Celtics, who were eliminated by the New York Knicks from the Eastern Conference semifinals with a Game 6 loss Friday, must move on from their past glories and start planning for Tatum's comeback. 'Losing to the Knicks feels like death,' Celtics forward Jaylen Brown said. 'I was always taught there was life after death. Whatever's next in the journey, I'll be ready for.' Given that Tatum is 27 years old and just signed a five-year, $314 million contract extension last summer, the Celtics should exercise maximum caution when it comes to his recovery timeline. Practically speaking, that means planning for him to miss the entire 2025-26 season and doing what they can to position themselves as 2027 title contenders. Despite the relative weakness of the Eastern Conference and a solid talent base that includes Brown, Derrick White and Jrue Holiday, Boston will lose significant ground in the standings without Tatum, who is owed $54 million next season. The Knicks, Indiana Pacers, Cleveland Cavaliers and a half-dozen Western Conference teams should top the Celtics in the league's pecking order. With no Tatum, there's no title chase. With no title chase, there's no good reason to spend extravagantly and incur the many penalties that apply to the league's highest-spending teams, which include restrictions on trades and free agent signings. Trying to keep this team together and wait for Tatum would be financially impractical, naive and overly nostalgic. When the 2027 playoffs begin, veteran center Al Horford will be 40 years old and the defensive-minded Holiday will be 36. Both players were crucial to Boston's 2024 title, but it's unrealistic to expect them to still be performing at that level once Tatum returns. Meanwhile, center Kristaps Porzingis is still just 29, but his persistent health problems have raised serious doubts about his ability to be Boston's center of the future. The Celtics' top priority during Tatum's absence, which will probably span the next two summers and the 2026 trade deadline, should be to find a reliable, two-way center whose age aligns with Tatum. Without such a player, the Celtics will be at a positional disadvantage when compared with the Knicks, Pacers, Oklahoma City Thunder and Minnesota Timberwolves, four teams that are still competing in this year's playoffs and are young enough to be factors in the 2027 title conversation. While Horford and Holiday are well-respected veterans, they should be viewed as expendable. Porzingis, too. Horford will be a free agent this summer and could face a retirement decision, Holiday is owed $97 million over the next three seasons, and Porzingis enters the 2025-26 season on a $30.7 million expiring contract. Boston should aggressively explore trades involving Holiday and Porzingis in hopes of cutting salary and addressing its hole in the middle. Backup forward Sam Hauser, who signed a four-year, $45 million extension last summer, is another logical piece to trim given his production relative to his salary. Parting with so many familiar faces would complicate Boston's playoff outlook in 2026, but it would help ensure the Celtics aren't too old or too expensive to be contenders once Tatum is healthy. If Celtics President of Basketball Operations Brad Stevens elects to retool, he would do so with a talented, well-balanced, high-character and experienced core comprising Tatum, Brown and White. Unlike many aspiring contenders, Boston hasn't mortgaged its future by trading vast amounts of draft capital to prop up its recent playoff runs. In fact, the Celtics possess their first-round picks in 2025 and 2026, which will surely help them draft or trade their way into a new-look supporting cast. Celtics Coach Joe Mazzulla has displayed a blind devotion to launching a record number of three-point attempts, but the systematic nature of his offense enables role players to plug and play easily around his stars. Tatum, for his part, has already undergone surgery on his Achilles' tendon. In an Instagram post Wednesday, the six-time all-star gave a thumbs up from his hospital bed with the caption: 'Thankful for all the love and support.' Even if he misses all of next season, Tatum should return well before his 29th birthday and could have another decade of productive basketball in his future. 'Losing [Tatum] to that type of injury was tough,' Mazzulla said. 'That's part of it. You move on as a team. That's it. ... I haven't really thought one second about [the future of the roster]. I'm more just focused on the guys in the locker room right now. Grateful for the effort they put [out]. That's really all that matters.' Pessimists would note that Kobe Bryant and Kevin Durant never reached the conference finals after their own Achilles' injuries. However, two recent champions, the Golden State Warriors and Denver Nuggets, won it all after they welcomed back stars from major health setbacks. Stephen Curry played only five games in 2019-20 because of a hand injury, but he bounced back two years later to lead the Warriors past the Celtics in the 2022 Finals. The next year, the Nuggets won the title after guard Jamal Murray missed the 2021 and 2022 playoffs because of a knee injury. Golden State and Denver executed savvy maneuvers while their stars recovered that later paid championship dividends. The Warriors traded for Andrew Wiggins, signed Gary Payton II and developed Jordan Poole during Curry's absence. The Nuggets, who had traded for Aaron Gordon shortly before Murray's injury, got their new power forward acclimated while also adding Kentavious Caldwell-Pope, Bruce Brown and Christian Braun. The lesson for Boston: Evolve proactively while Tatum recuperates. In the NBA's ongoing parity era, which will soon crown its seventh different champion in the past seven seasons, the Celtics aren't as far away from playing into June as it might seem in the wake of their 38-point loss to the Knicks in Game 6. Boston's title hopes ended and their future took a drastic turn when Tatum slipped to the court Monday, but the Celtics are hardly doomed. 'This journey is not the end,' Brown said. 'I'm looking forward to coming back stronger. You take this with your chin up. I know, Boston, it looks gloomy right now with [Tatum] being out and us ending the year, but there's a lot to look forward to. I want the city to feel excited about that.'
