Latest news with #WilliamChisholm
News18
3 days ago
- Business
- News18
Boston Celtics' $6.1 Billion Sale Nears Completion; Two-Week Timeline Set: Report
Last Updated: The Celtics are being sold for $6.1 billion to William Chisholm's group, pending NBA approval. This is the second-largest NBA franchise sale after the Lakers' $10 billion deal. The Boston Celtics are on the brink of a historic ownership change, with a $6.1 billion sale to private equity executive William Chisholm and his investment group expected to close within the next two weeks. According to a report by Sportico on Thursday, the transaction is still subject to approval from the NBA's Board of Governors, comprised of the league's 30 team owners. The vote can be conducted remotely and is typically a formality in such high-profile franchise sales. The Celtics announced in March that the Chisholm-led group would be acquiring the franchise from the Grousbeck family and Boston Basketball Partners LLC. At $6.1 billion, the deal set a new benchmark as the highest price ever agreed upon for a North American sports franchise—until June, when Mark Walter struck a deal to acquire the Los Angeles Lakers at a staggering $10 billion valuation. The Celtics sale will become the second-largest in NBA history, only behind the Lakers' recent valuation. Chisholm, a Massachusetts native and co-founder of the California-based private equity firm STG Partners, is a lifelong Celtics fan. While Wyc Grousbeck is expected to remain the team's governor until the end of the 2027–28 season, Chisholm will assume that role once the transition is fully complete. The Grousbeck-led group originally purchased the Celtics in 2002 for $360 million, a figure that underscores the massive appreciation in franchise valuations over the past two decades. Boston Basketball Partners LLC disclosed in 2023 that they planned to sell the majority stake in late 2024 or early 2025, with the remainder to be offloaded by 2028. Grousbeck, whose family played a key role in the Celtics' operations and resurgence over the past two decades—including the 2008 NBA Championship—will continue to oversee the franchise during the transitional period. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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
Miami Herald
23-03-2025
- Business
- Miami Herald
Boston Celtics secure another title after championship run
The accountants over at Forbes might deserve a raise. The financial news outlet is one of the most trusted sources for celebrity and institutional wealth valuations. Don't miss the move: SIGN UP for TheStreet's FREE Daily newsletter During the 2010s, being on the Forbes List was a huge deal, as the list told the world which celebrities made the most money annually. While the Forbes List no longer holds the cultural significance it once did, the organization is still very good at what it does: providing an accurate assessment of the net worth of people and organizations with large cash flows. Related: Latest NBA team valuations are whacky On Thursday, March 20, the Boston Celtics set a record when its ownership group agreed to sell the team to William Chisholm, the managing director and co-founder of Symphony Technology Group, for $6.1 billion. It is the largest sports franchise sale in North American history, surpassing the $6.05 billion the Josh Harris group paid for the NFL's Washington Commanders franchise in 2023. And Forbes had valued the Boston Celtics at $6 billion in December, only 1.6% off the final purchase price. Elsa/Getty Images Basketball fans the world over know the Boston Celtics as the marquee franchise of the National Basketball Association. While Los Angeles Lakers fans may take umbrage with that statement, Thursday's sale cements the Celtics as the face of the league after the team won the NBA championship less than a year ago. The Celtics captured their 18th NBA title in 2024, led by their two young superstars, Jaylen Brown and Jayson Tatum, both of whom are under 30. The Grousbeck family, the Celtics' former owners, put the team up for sale shortly after the team parade down Tremont Street last July. The family had been the proud owners of the legendary franchise since they bought it for $360 million in 2002, meaning the team sold for nearly 17 times what they bought for it 20-plus years ago. Not a bad return on investment. Meanwhile, Chisolm, the new owner, said he'd been a die-hard Celtics fan his entire life. The Dartmouth College grad grew up just outside of Boston in Georgetown, Mass. The NBA, like all of the other major North American sports, operates on a cooperative basis. The 30 teams pool their basketball-related revenue and distribute it evenly. And richer teams that spend above a certain threshold contribute what's called luxury-tax money to teams that don't spend as much. However, the teams pool only half their basketball-related income, which includes television broadcasting rights, ticket sales, merchandise, sponsorships, and other sources. So, if you are a marquee franchise like the Celtics - located in one of the wealthiest U.S. areas where you can charge higher ticket prices and feature a talented team that just won the championship - the sky is the limit for how much revenue your team can generate. For the 2023-2024 NBA season, the Celtics generated gross revenue of $493 million, according to a prospectus by banks trying to evaluate the company for the just-concluded sale. The Celtics generated $149 million just from ticketing, representing the franchises' largest source of income. Celtics prices are among the highest in the league, with the average ticket costing $303 last season, according to Sportskeeda. The team also received $124 million from the revenue-sharing model and another $70 million from its local television deal. More Sports Business News: Why the Super Bowl has become the most-watched event on TVNike makes major announcement that could save troubled businessESPN faces fine by FCC for bizzare issue Playoff ticket revenue is taxed at a lower rate, so the Celtics generated $102 million during their championship run before the league collected its 25% to fund the player playoff pool. The team produced about $30 million in earnings before interest, taxes, depreciation and amortization, but it also had to pay a luxury-tax bill of about $40 million - again, a penalty for teams that spend above the league's salary cap. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
22-03-2025
- Business
- Yahoo
Who is William Chisholm, leader of group that agreed to buy the Celtics for $6.1B?
NEW YORK (AP) — An investor group lead by low-profile private equity honcho William Chisholm made headlines Thursday by agreeing to buy the Boston Celtics in a deal worth an estimated whopping $6.1 billion. It will be the highest price ever for an American professional sports team if the deal is approved by the NBA's board of governors this summer. So who is leading the charge? Here's what we know about Chisholm, 56. HE GREW UP IN BOSTON AND IS A LIFELONG CELTICS FAN In a statement released when the deal was announced, Chisholm said he grew up in the North Shore region of Massachusetts and is a lifelong, 'die-hard' Celtics fan. '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," he said. HE'S AN IVY LEAGUER He went to school in the Northeast, too. He received a B.A. from Dartmouth College in Hanover, New Hampshire. He received his MBA in strategic management from The Wharton School in Philadelphia in 1996. HE MADE HIS MONEY IN TECH INVESTING In 2002, Chisholm co-founded Symphony Technology Group, based in Menlo Park, California, which specializes in tech investing — in particular data, software, and analytics companies. During his tenure STG, where he serves as managing partner and chief investment officer, bought and combined tech companies McAfee Enterprise and FireEye to create the cybersecurity company Trellix in 2022. STG also acquired Survey Monkey-parent Momentive. As of 2023, the company has raised nearly $10 billion across its private equity investment funds and has completed more than 100 investments. In 2023, STG closed on its seventh and largest fund, raising $4.2 billion. Before STG, he had stints at consulting firm Bain & Co. and investment bank PaineWebber, and he co-founded risk consultant The Valent Group. OTHER BACKGROUND He and his wife Kimberly have three children. While STG is based in the Bay Area, he reportedly has a house in Nantucket and plans to buy a house in Boston as well. Sign in to access your portfolio
Yahoo
21-03-2025
- Business
- Yahoo
Getting to know new Boston Celtics owner William Chisholm following news of sale
Thursday's sale of the Boston Celtics to William Chisholm means there will be a new era in the franchise's long history with a new owner running the show. The bombshell report dropped Thursday that Chisholm will be purchasing the team in the largest sale in North American history of a sports franchise, and now the transition period for the team and Chisholm will begin. Currently, Chisholm is the managing director and co-founder of Symphony Technology Group and has lifelong ties to the city of Boston and as a fan of the Boston Celtics. Taking a more in-depth look at the eventual new Celtics owner, here are things to know about William Chisholm. A Georgetown native, William Chisholm attended Dartmouth College was a member of the soccer team and graduated in 1991. Not only himself, but Chisholm's son also played soccer at Dartmouth and attended the school from 2016-2019. He would also go on to receive his MBA from Wharton School at the University of Pennsylvania. Boston Celtics to reportedly sell for $7.3 billion after initial $6.1 billion bid — The Celtics Wire (@TheCelticsWire) March 20, 2025 According to Chisholm started his career in early-stage technology and investment banking until he moved on and started doing private equity. He was the co-founder of Valent Group and spent time with the Boston-based company Bain & Company, a consulting company. Currently at STG, the business has more than $10 billion in assets and their highest fund was in 2023 when they reportedly raised $4.2 billion. Other than his work at STG, Chisholm sits on the board of directors for the following companies: Dodge Data, Cadmium, and CAI software. One of the biggest notes of information on Chisholm for Celtics fans is that he himself is a lifelong fan of the team. This matters because the fanbase will obviously want an owner who understands the history and culture of this storied franchise, and after their championship in the 2024 season, there's a belief that this team can make a run to establish themselves as a dynasty. An owner who is completely bought into the team and understands what the fans want and what the organization needs, will go a long way in maintaining success year in and year out. This article originally appeared on Celtics Wire: Things to know about new Boston Celtics owner William Chisholm
