Boston Celtics Sale Update
The sale of the Boston Celtics, currently led by owner Wyc Grousbeck and his family, is on track to finalize soon, potentially by the end of next week or in early the following week. This information comes from sources connected to the deal who have chosen to remain anonymous due to the sensitive nature of the discussions.
Approval Process
The agreement still requires the endorsement of the NBA’s board of governors, which is made up of the owners from all 30 teams; this vote can take place virtually, bypassing the need for an in-person meeting.
Transaction Details
In March, an agreement was struck between Grousbeck’s group and William Chisholm’s consortium to acquire the Celtics in a two-part transaction. At $6.1 billion, the initial payment marks a new high for sports franchise sales, previously held by Josh Harris‘ acquisition of the Washington Commanders earlier this year. Mat Ishbia’s 2022 purchase of the Phoenix Suns for $4 billion was the highest in NBA history at that time. Following this, in June, Mark Walter arranged to buy the Los Angeles Lakers at an even higher valuation of $10 billion.
Background and Future Leadership
Neither the NBA nor the financial firms managing the sale—BDT & MSD Partners, along with JPMorgan Chase—have commented on the timeline of this transaction. The Grousbeck family had initially purchased the Celtics back in 2002 for $360 million, announcing the franchise’s availability for sale last July, shortly after achieving a historic 18th championship title. They cited estate planning concerns as the motivation behind selling the team.
Chisholm, who serves as the co-founder and managing partner of STG Partners, is expected to become the NBA’s governor replacing Grousbeck post the 2027-28 season. Aditya Mittal will be the second-largest investor in this deal and may eventually take on the role of alternate governor. Mittal is connected to the prominent steel magnate Lakshmi Mittal, head of ArcelorMittal, which boasts a staggering revenue of $62 billion, positioning it as the world’s second-largest steel and mining corporation following China’s Baowu.
Private Equity Interest
Additionally, the sale attracts interest from private equity leader Sixth Street, which already has a stake in the San Antonio Spurs and will hold a significant share in the Celtics. According to NBA regulations, no single entity can own more than 20% of a franchise.
Looking Ahead
As discussions regarding the sale continue, it will be intriguing to see how these changes affect the Celtics’ operations and their standing in the league moving forward.
