According to numerous reports out of the Boston area, the Celtics are being sold to a group led by Bill Chisholm for a record setting $6.1B.
Chisholm is the managing partner at Symphony Technology Group, a private equity firm based out of California. The price tag would narrowly surpass the $6.05B shelled out by Josh Harris to purchase the Washington Commanders in 2023, setting a new North American sale record in the process.
Boston Basketball Partners, L.L.C., a group led by co-owners Wyc Grousbeck and Steve Pagliuca have been in charge of the Celtics franchise since 2002. However, after winning the 18th NBA title in club history last season, they began the not-so-quiet process of selling their controlling interest in the franchise.
The group will make a tidy profit on the sale of the team, having purchased the club for $360M twenty three years ago. Steve Pagliuca took to social media on Thursday confirming the sale, but also expressing disappointment that he wasn’t able to buy out Grousbeck in the process to retain control.
“Since the Grousbeck family announced it would sell the Boston Celtics almost 9 months ago I have worked tirelessly to put together a strong bid centered around the great majority of existing owners of the team, who understand and appreciate what it means to be a steward of the Boston Celtics, a team steeped in Championship tradition,” he wrote.
“Additionally, I recruited new partners with deep resources and expertise in technology and international markets to maximize the Celtics successes to ensure we can always compete for Championships, luxury taxes be damned.”
“We made a fully guaranteed and financed offer at a record price, befitting the best sports fans in the world, and with all the capital coming from individuals who are fully committed to winning on and off the court.”
“We had no debt or private equity money that would potentially hamstring our ability to compete in the future. We have felt it was the best offer for the Celtics. It is a bid of true fans, deeply connected to Boston’s community, and we’ve been saddened to find out that we have not been selected in the process.”
“I want to thank all of the players and fans over these many years that have supported us in rebuilding the team and winning two championships. We couldn’t have done any of this without you.”
“As the grandson of Italian immigrants who came to America with only their willingness to work hard to be part of the American dream, I am thankful that I have been able to be part of the Celtics history and legacy, and I will be forever grateful for all the memories along the way.”
“As Red Auerbach said, “the Celtics are not just a basketball team, but a way of life,” and my family and I will continue to be lifelong fans and cherish the honor of being part of the organization for so many years. I will never stop being a Celtic, and if the announced transaction does not end up being finalized, my partners and I are ready to check back into the game and bring it home, to help continue what the Celtics do best — win.”
Chisholm has previously stated that he is a lifelong Celtics fan, having been born and raised in the Boston area. As part of the transition plan, Grousbeck will continue to operate as the CEO and governor through the 2027-28 NBA season.
The sale also paves the way for the league to proceed with their expansion plans, as insiders had long stated that the NBA wasn’t willing to bring in new teams until they saw a number on the Celtics sale. With that figure now set at an eye popping $6.1B, one can assume that expansion talks will kick into high gear this summer, and at subsequent owner’s meetings.
Photo: Erik Drost. This file is licensed under the Creative Commons Attribution 2.0 Generic license.