6 days ago
Boston Celtics $6.1B Sale Likely to Close Within Next Two Weeks
The sale of the Boston Celtics to William Chisholm will likely close late next week or early the following week, according to three people familiar with the details who were not authorized to speak publicly.
The deal still needs approval from the league's board of governors, who comprise the 30 team owners. The vote can occur remotely and does not require a league meeting.
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In March, Chisholm's group reached an agreement to buy the Celtics in two stages, which was the stated goal of ownership led by the Grousbeck family. The deal valued the team at $6.1 billion in the first payment, which at the time was the most expensive control sale in sports team history. (Josh Harris' 2023 buy of the Washington Commanders was the previous record, while Mat Ishbia's $4 billion purchase of the Phoenix Suns in 2022 was tops in the NBA.) In June, Mark Walter reached an agreement to purchase the Los Angeles Lakers at a $10 billion valuation.
BDT & MSD Partners and JPMorgan Chase, who co-led the Celtics sale process, as well as the NBA, declined to comment on the timing.
The Grousbecks led a group that bought the NBA team in 2002 for $360 million. They announced that the franchise was for sale last July, less than two weeks after winning an NBA-record 18th championship. The group said estate planning in the Grousbeck family was the reason for the sale.
Chisholm, who is the co-founder and managing partner of private equity firm STG Partners, is the lead investor and will take over as NBA governor from Wyc Grousbeck after the 2027-28 season.
Aditya Mittal will be the second-largest stakeholder in the Celtics and potentially the alternate governor in the future. 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.
Private equity giant Sixth Street will also have a major stake in the club. The firm already owns a stake in the San Antonio Spurs. The NBA's private equity rules cap the stake that a single firm can own at 20% of the team.
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