NBA Approves Record $6.1 Billion Sale of Boston Celtics

The National Basketball Association (NBA) has unanimously approved the sale of the Boston Celtics to a consortium led by private equity executive Bill Chisholm, valuing the franchise at over $6.1 billion. This transaction sets a new record for the highest price ever paid for an American professional sports team.

Chisholm, a Massachusetts native and managing partner of Symphony Technology Group, will initially acquire at least a 51% ownership stake in the Celtics. The agreement includes a provision for Chisholm to gain full control by 2028, potentially increasing the total valuation to $7.3 billion. The new ownership group also comprises Boston businessmen Rob Hale and Bruce Beal Jr.

Outgoing owner Wyc Grousbeck, who led the purchase of the team in 2002 for $360 million, will remain CEO and serve as alternate governor until 2028 or until his share drops below 15%. Under Grousbeck's leadership, the Celtics secured NBA championships in 2008 and 2024, bringing the franchise's total to 18 titles.

Chisholm outbid other parties, including former Celtics minority partner Steve Pagliuca, who is now attempting to purchase and relocate the WNBA’s Connecticut Sun, a move currently facing resistance from the league.

The $6.1 billion valuation surpasses the previous record of $6.05 billion for the NFL’s Washington Commanders in 2023. This sale reflects the growing financial value and investment interest in major sports franchises.

The Boston Celtics, established in 1946, are one of the most storied franchises in NBA history, with a record 18 championships.

Chisholm, a Massachusetts native and longtime Celtics fan, is reported to have an "encyclopedic knowledge" of the team.

The sale of the Celtics to a large ownership group comes as sports franchise valuations skyrocket, making it more difficult for individuals or families to buy a team themselves.

This historic sale marks a significant milestone in the sports industry, highlighting the increasing valuations of professional sports franchises and the evolving landscape of team ownership.