Celtics Sold for Record-Breaking $6.1 Billion

The Boston Celtics, the reigning NBA champions, are set to transition into new ownership after their current ownership group reached an agreement to sell the storied franchise to William Chisholm for a staggering $6.1 billion. This landmark deal, confirmed by agencies representing both parties to The Associated Press, establishes a new benchmark for the highest purchase price ever paid for a sports team in North American history.

The news of the impending sale was initially reported by ESPN and Sportico, sending ripples throughout the sports and business worlds. Chisholm, the managing partner of Symphony Technology Group, a California-based private equity firm, will be taking the reins of one of the NBA’s most iconic franchises.

The $6.1 billion price tag surpasses the previous record set in 2023 when an investment group spearheaded by Josh Harris acquired the NFL’s Washington Commanders from Daniel Snyder for $6.05 billion. This reflects the escalating value of sports franchises, particularly in major leagues like the NBA, driven by lucrative media deals, global popularity, and the increasing recognition of sports teams as valuable assets.

Chisholm’s connection to the Celtics runs deep. According to The Boston Globe, he grew up in Massachusetts and has been a devoted fan of the team for many years. This personal connection adds another layer to the significance of the acquisition, suggesting a genuine passion for the Celtics beyond mere financial investment.

Adding to the continuity and familiarity, current Celtics co-owner Robert Hale will remain part of the incoming ownership group, as reported by The Globe. Bruce Beal Jr., president of Related Companies, is also joining the ownership team as an investor. This mix of new leadership and familiar faces suggests a desire to blend fresh perspectives with institutional knowledge.

The decision to sell the franchise was made shortly after the Celtics’ triumphant victory over the Dallas Mavericks in last year’s NBA Finals. Boston Basketball Partners LLC, the ownership group led by the Grousbeck family, cited estate and family-planning purposes as the driving factors behind the sale. The Grousbeck family has been at the helm of the Celtics since 2002, when they acquired the franchise for $360 million.

While the ownership structure is changing, Wyc Grousbeck is expected to maintain a presence within the organization. He will continue to represent the franchise on the NBA Board of Governors through the 2027-28 season. Boston Basketball Partners LLC plans to sell the remaining balance of its shares in 2028, marking the complete transition to the new ownership structure.

In a release announcing the agreement, Chisholm expressed his admiration for the outgoing ownership and his eagerness to build upon the Celtics’ existing success. "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 stated. "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."

The sale of the Celtics represents one of several notable NBA franchise transactions in recent years. In 2023 alone, the Phoenix Suns were purchased by Mat Ishbia, owner of a mortgage firm, for $4 billion. The Milwaukee Bucks were sold to Jimmy and Dee Haslam, owners of the Cleveland Browns, for $3.5 billion. Additionally, Mark Cuban reached an agreement to sell the majority of his ownership shares in the Dallas Mavericks to Miriam Adelson and her son-in-law Patrick Dumont, who operates the Las Vegas Sands casino company, for $3.5 billion. These transactions underscore the increasing financial value and investment potential of NBA franchises.

The acquisition of the Celtics by Chisholm for $6.1 billion not only sets a new benchmark for sports team valuations but also signifies the continued growth and profitability of the NBA. Under Chisholm’s leadership, with the guidance of existing management, and with the strength of the current roster, the Celtics are positioned to remain a dominant force in the league for years to come. The fans in Boston and around the world will be eager to see how this new chapter unfolds for their beloved Celtics. The combination of Chisholm’s business acumen, his lifelong passion for the team, and the continuity provided by existing personnel creates a promising future for the franchise.

This sale is more than just a business deal; it is a transfer of stewardship of a Boston institution, a team steeped in history and tradition. The weight of that legacy is something Chisholm seems to recognize and embrace, signaling a commitment to preserving the Celtics’ winning culture while also seeking opportunities for growth and innovation. The NBA landscape is constantly evolving, and with this significant investment, the Boston Celtics are poised to adapt, compete, and continue their pursuit of championships.

The implications of this sale extend beyond the basketball court. The significant investment in the Celtics demonstrates the continued economic vitality of the sports industry and its attractiveness to major investors. As media rights become increasingly valuable and global fan bases expand, sports franchises are viewed as highly desirable assets with substantial long-term growth potential. The $6.1 billion price tag is not just a reflection of the Celtics’ current success but also an investment in their future, highlighting the enduring appeal of the NBA and its flagship franchises.