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Yahoo
2 days ago
- Business
- Yahoo
Will WNBA let Steve Pagliuca steward Connecticut Sun? Or will ownership tensions get in way?
Steve Pagliuca and Bill Chisholm have dueled over a professional basketball franchise's future before. Now, with the Connecticut Sun up for sale, both owners are linked again. In March, the NBA's Boston Celtics announced that Chisholm, the managing partner of Symphony Technology Group, would be the next owner of the historic franchise, purchasing the team at a $6.1 billion valuation — a then-record in the NBA. Pagliuca had been a Celtics minority owner since partnering with the Grousbeck family in 2002 and had long been considered a contender to obtain the franchise. When news was announced that he wouldn't be the next majority owner, and Chisholm would be, Pagliuca penned a lengthy statement reflecting on his failed bid. 'We have felt it was the best offer for the Celtics. It is a bid of true fans, deeply connected to Boston's community, and we've been saddened to find out that we have not been selected in the process,' he wrote. On Sunday night, Pagliuca released another statement — his first on X since March when he weighed in on his Celtics bid. Chisholm was not mentioned in Pagliuca's statement, but he appears to be looming over the WNBA team's potential sale. This time, Pagliuca wants to buy the WNBA's Connecticut Sun. But will the WNBA let him? Or will conflicts — potentially with Chisholm yet again — hold up the transaction? Pagliuca is reportedly seeking to purchase the Sun at a women's professional sports team record $325 million sale price and would then invest $100 million in a practice facility. The franchise, according to the Boston Globe, could relocate to Boston as soon as 2027, if a deal were to be finalized. (Pagliuca said in his statement he wants to keep the Sun in New England, and he specifically mentioned support from the governors of both Massachusetts and Rhode Island.) A record deal to an ownership group would seemingly be a coup for the WNBA — the last WNBA team to have a standalone majority sale was the Atlanta Dream in 2021 for less than $10 million — but the Sun relocating under Pagliuca's watch appears to be facing some resistance. The WNBA said in a statement on Saturday that relocation decisions are made by the WNBA Board of Governors. It added that no group from Boston was among the dozen cities that bid for an expansion team by the Jan. 31 deadline. A source with knowledge of the expansion bids submitted also said Hartford, Conn., was not among the cities that bid for a team, though former Bucks owner Marc Lasry has subsequently bid to relocate the Sun to Connecticut's state capital. Perhaps, most interestingly, the WNBA said that the Celtics' prospective ownership group — led by Chisholm — has also 'reached out to the league office and asked that Boston receive strong consideration for a WNBA franchise at the appropriate time.' (Chisholm's deal is still pending NBA Board of Governors approval.) So Chisholm, the incoming steward of the Celtics, appears to now be interested in a WNBA franchise in Boston at a later date. Pagliuca, an outgoing Celtics partner, is looking to make moves in the near term, yet he can do so only by getting approval from others in the league. A fight appears to be brewing between two power players. One that is especially notable, as the WNBA recently unveiled three new expansion teams (in Detroit, Cleveland and Philadelphia), with NBA ties. It all begs the question, why is the sale process hitting a delay? Pagliuca has already made clear his group's offer is subject to obtaining required league approvals — presumably not only approval of the initial sale, but also, via a separate vote, to also to relocate the franchise. Without both, PagsGroup would not proceed. Boston seems like a logical place for the Sun to relocate. The franchise has already sold out games when it's played at TD Garden in each of the past two seasons, and multiple Sun players have expressed their support for playing in the city. Boston is one of the country's top 10 biggest media markets, and it has proven basketball success. By 2027, the franchise could also be the home of college star JuJu Watkins, as the Sun — with another subpar season next year — would be well-positioned to have the best draft lottery odds in what could become known as The Watkins' Lottery. 'Boston is the perfect place for a WNBA team,' Massachusetts Gov. Maura Healy, a former Harvard basketball point guard and international pro player, said in a statement to The Athletic. 'We are the hub of New England and the birthplace of basketball. We have an incredible sports culture and strong enthusiasm for women's sports. …This would be a great opportunity for our state, for the league and for the players.' That's one politician's take, but internal league politics could prevent it from ever happening. A new NBA owner who just paid billions might not want another owner to steward a professional basketball franchise (in two leagues under the NBA umbrella) in the same city. Then, there is also a potential for the WNBA to upset other professional basketball owners — some of whom also have NBA ties. Last month, Gretchen Sheirr, the Houston Rockets president of business operations, told The Athletic that Houston will continue to pursue a team, after not being awarded any of the three incoming expansion teams in 2028, 2029 and 2030. WNBA commissioner Cathy Engelbert specifically mentioned Houston as being 'up next for sure.' She added: 'There might be opportunities there.' The Houston Chronicle reported Tuesday that the city remains a contender to purchase the Sun, while saying that the Houston expansion bid was at least $50 million short of the eventual $250 million expansion fees that the three recently announced teams are entering in with. If the Sun were sold, it isn't clear whether another current WNBA franchise would be ripe for the Rockets' ownership group to purchase and relocate. Another round of expansion seems years away, making it difficult for Houston, Boston or any other city to get into the WNBA. All of this appears to be partly why Sun president Jennifer Rizzotti said Sunday that a sale by the Mohegan Tribe is 'not quite at the finish line yet.' The Sun might rise in Boston soon enough, but not before another clash. The next most exciting WNBA contest in the city will play out in boardrooms. This article originally appeared in The Athletic. Boston Celtics, Connecticut Sun, NBA, WNBA 2025 The Athletic Media Company
New York Times
2 days ago
- Business
- New York Times
Will WNBA let Steve Pagliuca steward Connecticut Sun? Or will ownership tensions get in way?
Steve Pagliuca and Bill Chisholm have dueled over a professional basketball franchise's future before. Now, with the Connecticut Sun up for sale, both owners are linked again. In March, the NBA's Boston Celtics announced that Chisholm, the managing partner of Symphony Technology Group, would be the next owner of the historic franchise, purchasing the team at a $6.1 billion valuation — a then-record in the NBA. Advertisement Pagliuca had been a Celtics minority owner since partnering with the Grousbeck family in 2002 and had long been considered a contender to obtain the franchise. When news was announced that he wouldn't be the next majority owner, and Chisholm would be, Pagliuca penned a lengthy statement reflecting on his failed bid. 'We have felt it was the best offer for the Celtics. It is a bid of true fans, deeply connected to Boston's community, and we've been saddened to find out that we have not been selected in the process,' he wrote. On Sunday night, Pagliuca released another statement — his first on X since March when he weighed in on his Celtics bid. Chisholm was not mentioned in Pagliuca's statement, but he appears to be looming over the WNBA team's potential sale. This time, Pagliuca wants to buy the WNBA's Connecticut Sun. But will the WNBA let him? Or will conflicts — potentially with Chisholm yet again — hold up the transaction? Pagliuca is reportedly seeking to purchase the Sun at a women's professional sports team record $325 million sale price and would then invest $100 million in a practice facility. The franchise, according to the Boston Globe, could relocate to Boston as soon as 2027, if a deal were to be finalized. (Pagliuca said in his statement he wants to keep the Sun in New England, and he specifically mentioned support from the governors of both Massachusetts and Rhode Island.) A record deal to an ownership group would seemingly be a coup for the WNBA — the last WNBA team to have a standalone majority sale was the Atlanta Dream in 2021 for less than $10 million — but the Sun relocating under Pagliuca's watch appears to be facing some resistance. The WNBA said in a statement on Saturday that relocation decisions are made by the WNBA Board of Governors. It added that no group from Boston was among the dozen cities that bid for an expansion team by the Jan. 31 deadline. A source with knowledge of the expansion bids submitted also said Hartford, Conn., was not among the cities that bid for a team, though former Bucks owner Marc Lasry has subsequently bid to relocate the Sun to Connecticut's state capital. Advertisement Perhaps, most interestingly, the WNBA said that the Celtics' prospective ownership group — led by Chisholm — has also 'reached out to the league office and asked that Boston receive strong consideration for a WNBA franchise at the appropriate time.' (Chisholm's deal is still pending NBA Board of Governors approval.) So Chisholm, the incoming steward of the Celtics, appears to now be interested in a WNBA franchise in Boston at a later date. Pagliuca, an outgoing Celtics partner, is looking to make moves in the near term, yet he can do so only by getting approval from others in the league. A fight appears to be brewing between two power players. One that is especially notable, as the WNBA recently unveiled three new expansion teams (in Detroit, Cleveland and Philadelphia), with NBA ties. It all begs the question, why is the sale process hitting a delay? Pagliuca has already made clear his group's offer is subject to obtaining required league approvals — presumably not only approval of the initial sale, but also, via a separate vote, to also to relocate the franchise. Without both, PagsGroup would not proceed. Boston seems like a logical place for the Sun to relocate. The franchise has already sold out games when it's played at TD Garden in each of the past two seasons, and multiple Sun players have expressed their support for playing in the city. Boston is one of the country's top 10 biggest media markets, and it has proven basketball success. By 2027, the franchise could also be the home of college star JuJu Watkins, as the Sun — with another subpar season next year — would be well-positioned to have the best draft lottery odds in what could become known as The Watkins' Lottery. 'Boston is the perfect place for a WNBA team,' Massachusetts Gov. Maura Healy, a former Harvard basketball point guard and international pro player, said in a statement to The Athletic. 'We are the hub of New England and the birthplace of basketball. We have an incredible sports culture and strong enthusiasm for women's sports. …This would be a great opportunity for our state, for the league and for the players.' That's one politician's take, but internal league politics could prevent it from ever happening. A new NBA owner who just paid billions might not want another owner to steward a professional basketball franchise (in two leagues under the NBA umbrella) in the same city. Then, there is also a potential for the WNBA to upset other professional basketball owners — some of whom also have NBA ties. Advertisement Last month, Gretchen Sheirr, the Houston Rockets president of business operations, told The Athletic that Houston will continue to pursue a team, after not being awarded any of the three incoming expansion teams in 2028, 2029 and 2030. WNBA commissioner Cathy Engelbert specifically mentioned Houston as being 'up next for sure.' She added: 'There might be opportunities there.' The Houston Chronicle reported Tuesday that the city remains a contender to purchase the Sun, while saying that the Houston expansion bid was at least $50 million short of the eventual $250 million expansion fees that the three recently announced teams are entering in with. If the Sun were sold, it isn't clear whether another current WNBA franchise would be ripe for the Rockets' ownership group to purchase and relocate. Another round of expansion seems years away, making it difficult for Houston, Boston or any other city to get into the WNBA. All of this appears to be partly why Sun president Jennifer Rizzotti said Sunday that a sale by the Mohegan Tribe is 'not quite at the finish line yet.' The Sun might rise in Boston soon enough, but not before another clash. The next most exciting WNBA contest in the city will play out in boardrooms. (Photo of Steve Pagliuca: Jonathan Moscrop / Getty Images) Spot the pattern. Connect the terms Find the hidden link between sports terms Play today's puzzle
Boston Globe
25-03-2025
- Sport
- Boston Globe
How did Bill Chisholm feel at his first Celtics game since his ownership bid was accepted? ‘It's incredible'
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up He had a lengthy chat with president of basketball operations Brad Stevens in front of the Celtics' bench, and All-Star forwards Jayson Tatum and Jaylen Brown stopped to talk with him after concluding their pregame workouts. Advertisement 'It's incredible, and it's just such a privilege,' Chisholm told the Globe. 'My legs were shaking talking to Jayson and Jaylen.' Added Kimberly: 'It's a dream come true for Bill, certainly, but I just keep thinking I'm going to faint. I'm seeing these people we've been watching for decades on television, and it's really unbelievable.' Chisholm is the co-founder and managing partner of Symphony Technology Group, a private equity firm based in Menlo Park. So it was an easy choice for him to travel about 100 miles north to get his first up-close view of his basketball team. The setting made it all feel quite real. 'It's the most incredible feeling to think that maybe I can just play a tiny little part in the future,' Chisholm said, 'and now I'll just let these guys do what they're doing, let Brad do his thing. If I can help in any way, that's amazing to think about.' Chisholm and Stevens spoke extensively last week, before Chisholm's bid was accepted by the Grousbeck family. Their conversation continued on the court Monday, and Chisholm made it clear he has no intention of disturbing a franchise that won an NBA title last season and is one of the favorites to claim the crown this year, too. Advertisement 'I just want to listen,' Chisholm said. 'I want to listen to what [Stevens] has to say and hear how he thinks about basketball. He's given me his sense of where the team is and where things are going, and I just want to help him any way I can. So, it's great. He's a basketball genius and there's no two ways about it, and it's a privilege to get to hear what he thinks about things.' Tatum and Brown had separate conversations with Chisholm and offered their congratulations. 'I was just telling them, 'However I can help, let me know,' Chisholm said. 'I just want to be here to support you guys and I don't want to take much of your time because you have a real job at hand here tonight, and for the next couple months. So let's get it done, and if you need any help, let me know.' ' Brown said he was glad to meet Chisholm, who will eventually become lead governor for a franchise that is projected to owe about $500 million in salary and luxury taxes next season. 'He was just talking about his excitement level, which is fantastic,' Brown said. 'Obviously the Boston Celtics are one of the coolest organizations, a lot of history, a lot of prestige. You could hear the pride he was speaking to that, and he was just excited to be here and a part of the family.' Advertisement Chisholm has mostly stayed out of the spotlight during his career in private equity, and little was known about him when he emerged as a finalist this month to buy the Celtics. But his time in relative anonymity appears to be coming to an end. On Monday night, Celtics fans who infiltrated the Golden 1 Center yelled down to Chisholm as he stood on the court, offering support and fists pumps. On April 2, Chisholm will attend the Celtics' game against the Heat at TD Garden. 'There are moments that it sinks in, but when we get back to Boston Garden, that's what it's all going to be about,' he said. 'Boston fans are saying hi to me now and it's amazing. We travel so strong. I was looking here and it's almost all Boston fans. I'm a huge fan, first and foremost, and I'm glad to come and watch them play. And to feel like I'm a part of it a little bit? Wow, pretty cool.' Adam Himmelsbach can be reached at
USA Today
21-03-2025
- Business
- USA Today
Bill Chisholm, Wyc Grousbeck release individual statements on the sale of Celtics
Bill Chisholm, Wyc Grousbeck release individual statements on the sale of Celtics Massive news dropped on Thursday, as the Boston Celtics were reportedly sold for $7.3 billion to new majority owner Bill Chisholm of Symphony Technology Group. The sale of the Celtics was reported by ESPN as the largest for a sports franchise in North America history, after it was first reported to be a sale of $6.1 billion, an updated report stated that the sale will be done in two parts. Following the announcement of the sale, current Celtics governor and owner Wyc Grousbeck released a statement about Chisholm and revealed that he would stay on as CEO and governor for the first three years according to "Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area. His love for the team and the city of Boston, along with his chemistry with the rest of the Celtics leadership, make him a natural choice to be the next Governor and controlling owner of the team. I know he appreciates the importance of the Celtics and burns with a passion to win on the court while being totally committed to the community. Quite simply, he wants to be a great owner. He has asked me to run the team as CEO and Governor for the first three years, and stay on as his partner, and I am glad to do so." Along with Grousbeck, Chisholm released his own statement about the purchase of the Boston Celtics, who he has been a lifelong fan of, and stated he understands the importance of the team to the city and welcomes the challenge as the new owner. "Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life,' said Chisholm. 'I understand how important the Celtics are to the city of Boston – the role the team plays in the community is different than any other city in the country. I also understand that there is a responsibility as a leader of the organization to the people of Boston, and I am up for this challenge." He also praised Grousbeck and said he looks forward to learning from him and the rest of the Celtics top regime as he makes the transition over to his new role. "My partners and I have immense respect for Wyc, the entire Grousbeck family and their indelible contributions to the Celtics organization over the last 23 years. We look forward to learning from Wyc and partnering with Brad Stevens, Joe Mazzulla and the talented team and staff to build upon their success as we work to bring more championships home to Boston." Listen to the "Celtics Lab" podcast on: Apple Podcasts: Spotify:
Washington Post
20-03-2025
- Business
- Washington Post
Celtics sold for a North American record $6.1 billion
The Boston Celtics' ownership group has agreed to sell the team to William Chisholm, the managing director and co-founder of Symphony Technology Group, for $6.1 billion, making the sale the largest for a North American sports franchise. The sale of the NBA's defending champions by the Grousbeck family, first reported by the Boston Globe and ESPN, is expected to be finalized in late June or July, after review by the NBA Board of Governors. Chisholm, a Massachusetts native, is a graduate of Dartmouth and the University of Pennsylvania's Wharton School, and he launched Symphony Technology Group, a private equity firm based in California, in 2002. 'Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life,' Chisholm said in a statement. 'I understand how important the Celtics are to the city of Boston — the role the team plays in the community is different than any other city in the country. I also understand that there is a responsibility as a leader of the organization to the people of Boston, and I am up for this challenge.' The Grousbeck family purchased the Celtics for $360 million in 2002. As part of the sale agreement with Chisholm, Wyc Grousbeck, the franchise's current governor, will remain in his position through the 2027-28 season. 'We look forward to learning from Wyc and partnering with Brad Stevens, Joe Mazzulla and the talented team and staff to build upon their success as we work to bring more championships home to Boston,' Chisholm said. Grousbeck's tenure has produced two championships — in 2008 and 2024 — and 16 postseason appearances in the past 17 seasons. According to Forbes, the Celtics are the fourth-most-valuable NBA franchise behind the Golden State Warriors, New York Knicks and Los Angeles Lakers. However, Grousbeck told the Boston Globe in June that the franchise was 'losing money' during its championship season, and his ownership group announced plans to sell last July. The Celtics' payroll of $193 million ranks third this season, and the organization has committed to $225 million of contracts for next season. Boston has also given long-term contract extensions to star forwards Jayson Tatum and Jaylen Brown that are worth more than $550 million combined, not including this season. 'We're fans who bought the team,' Grousbeck told the Globe last summer. 'We're doing this for love. We're doing this for Celtic pride, and we're going to put everything we can into the team to win a banner, to win a championship.' Given the prestige of the Celtics and their large market, the team was certain to bring more than the record $4 billion mortgage industry executive Mat Ishbia paid for the Phoenix Suns in 2023. The agreement also surpasses the $6.05 billion sale price paid for the NFL's Washington Commanders in 2023. That is expected to end up being $5.85 billion because of a $200 million earnout, or deferred payment, that is contingent on certain revenue markers the team is unlikely to reach, The Washington Post reported in September. 'Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area,' Grousbeck said in a statement. 'His love for the team and the city of Boston, along with his chemistry with the rest of the Celtics leadership, make him a natural choice to be the next Governor and controlling owner of the team. I know he appreciates the importance of the Celtics and burns with a passion to win on the court while being totally committed to the community. Quite simply, he wants to be a great owner.' The Celtics, who are seeking to become the NBA's first back-to-back champions since the Golden State Warriors in 2017 and 2018, enter Thursday's action in second place in the Eastern Conference with a 50-19 record.
