Boston Celtics Change Ownership
In a significant shift within the NBA landscape, the Boston Celtics have officially changed hands, with Bill Chisholm, a noted figure in private equity, becoming the new owner of the franchise. This transition marks the end of an era for the team, which had been under the stewardship of Wyc Grousbeck and his investors since 2002.
Historical Context
Grousbeck and his group originally acquired the Celtics for $360 million, and during their tenure, the franchise has seen considerable success, capturing two NBA championships and making playoff appearances in 20 out of 23 seasons.
Record-Breaking Sale
The Celtics entered the market last summer following a triumphant season that culminated in their record-equalling 18th championship win. Chisholm emerged victorious in the bidding process that concluded in March, offering over $6.1 billion, a historic sum that stands as the highest ever paid for an American professional sports team. The NBA’s board of governors approved the acquisition unanimously in the previous week, and the financial transaction was finalized on Tuesday.
Future Prospects
As part of the agreement, Chisholm will hold at least a 51% stake in the Celtics, with plans to gain full control by 2028, which could potentially inflate the team’s overall valuation to approximately $7.3 billion. This record-setting sale eclipses previous transactions, although it is worth noting that a portion of the Los Angeles Lakers was recently sold for a valuation that would estimate their entire franchise at around $10 billion.
A New Chapter
With Chisholm at the helm, the Celtics are poised for a new chapter, as they look to build on their storied history as one of the league’s most successful and iconic teams.
