The NBA has officially approved the sale of the Boston Celtics to an investment group led by Bill Chisholm, five months after the $6.1 billion deal was agreed. The league said in a short statement that the NBA Board of Governors “unanimously approved the sale of the controlling interests in the Celtics” and that the transaction is expected to close soon.
Bill Chisholm, who is the managing director and co-founder of Symphony Technology Group, and his co-investors bought the historic Celtics franchise for $6.1 billion, which at the time was the highest price ever paid for a North American sports team. This record has since been surpassed by the $10 billion sale of the Los Angeles Lakers in June, when the Buss family sold the team to billionaire Mark Walter.
When the Celtics’ sale was announced, it was said that Wyc Grousbeck would stay on as CEO and governor, managing team operations through the 2027-28 season. The Grousbeck family and Steve Pagliuca had originally bought the team in 2002 for \$360 million.
However, recent US media reports revealed that Bill Chisholm, a Massachusetts native and passionate Celtics fan, will now take over the governor role because Grousbeck no longer meets the NBA’s 15% ownership requirement for that position.
Despite this change, it is expected that Chisholm and Grousbeck will continue working together to run the team as originally planned. The Boston Celtics are one of the NBA’s most successful franchises, holding a record 18 championships, with their latest title coming in 2024.
FAQ
Who bought the Boston Celtics?
The Boston Celtics were purchased by an investment group led by Bill Chisholm, managing director and co-founder of Symphony Technology Group.
How much was the sale worth?
The sale was valued at $6.1 billion, which was the highest price ever paid for a North American sports team at the time.
When was the sale approved by the NBA?
The NBA Board of Governors unanimously approved the sale on Wednesday.
Will Wyc Grousbeck remain involved with the team?
Yes, Grousbeck will continue as CEO and will work alongside Chisholm to oversee team operations, though he will no longer hold the official governor role.
Why will Bill Chisholm become the Celtics governor?
Under NBA rules, the governor must hold at least a 15% ownership stake. Since Grousbeck no longer meets this requirement, Chisholm will assume the governor role.
