Celtics reach agreement on record sale price to group led by private equity executive William Chisholm
The defending NBA champion Boston Celtics will soon be under new ownership. The franchise's current ownership group agreed to sell the club to William Chisholm for a record $6.1 billion, agencies representing both sides involved in the sale confirmed to The Associated Press.
ESPN and Sportico were among those first reporting the agreement for the sale.
Chisholm is the managing partner of Symphony Technology Group, a private equity firm based in California. The $6.1 billion figure represents the highest purchase price for a sports team in North American history. An investment group led by Josh Harris previously set the mark in 2023 when it bought the NFL's Washington Commanders from Daniel Snyder for $6.05 billion.
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Chisholm grew up in Massachusetts and has been a Celtics fan for years, The Boston Globe reported. Current Celtics co-owner Robert Hale is part of the incoming ownership group, according to The Globe. Bruce Beal Jr., president of Related Companies, is also one of the investors in the new group.
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Shortly after the Celtics defeated the Dallas Mavericks in last year's NBA Finals, the Grousbeck family's Boston Basketball Partners LLC revealed its intention to sell the franchise. The family cited estate and family-planning purposes. The family has controlled the storied franchise since 2002, when the group closed on a $360 million sale.
Wyc Grousbeck is expected to continue representing the franchise on the NBA Board of Governors through the 2027-28 season. Boston Basketball Partners LLC intends to sell the balance of its shares in 2028.
"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," Chisholm said in a release announcing the agreement. "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."
Several NBA franchises changed hands in 2023.
The Phoenix Suns were purchased by mortgage firm owner Mat Ishbia for $4 billion. The Milwaukee Bucks were sold to Cleveland Browns owners Jimmy and Dee Haslam for $3.5 billion. And Mark Cuban agreed to the sale of the majority of his Dallas Mavericks ownership shares to Miriam Adelson and son-in-law Patrick Dumont, who operates the Las Vegas Sands casino company, for $3.5 billion.
The Associated Press contributed to this report.
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