The Boston Celtics’ ownership group has agreed to sell the iconic NBA franchise to Bill Chisholm, managing director and co-founder of Symphony Technology Group, a private equity firm based in California, for a record $6.1 billion. This deal, first reported by Adam Himmelsbach of the Boston Globe on Thursday, marks the highest price ever paid for a North American professional sports team, surpassing the previous record set by the Washington Commanders, which sold for $6.05 billion to Josh Harris in 2023. In the same year, Mat Ishbia purchased the Phoenix Suns for $4 billion, the previous highest for an NBA team.
Bill Chisholm’s Background as a Lifelong Celtics Fan
Chisholm, a Massachusetts native, has been a lifelong Boston Celtics fan and is well-known for his “encyclopedic knowledge” of the team, according to sources close to the Boston Globe. His group is purchasing the Celtics from Boston Basketball Partners LLC, the ownership group led by the Grousbeck family.
Celtics Ownership Transition: Wyc Grousbeck to Stay Until 2028
After the Celtics’ victory in their 18th championship last July, the team’s ownership group confirmed it was for sale, but Wyc Grousbeck, the current Celtics governor, would remain in his role until 2028. This commitment was reiterated following the team’s visit to the White House in November 2023. According to Sportico reports, Grousbeck will continue as the CEO and governor of the Boston Celtics through the 2027-2028 season.
Sixth Street’s Investment and New Ownership Group
In addition to Chisholm’s leadership, Sixth Street, a well-known private equity firm, has agreed to buy a $1 billion stake in the team. The new Celtics ownership group will also include Rob Hale, a minority owner, and Bruce A. Beal Jr., as confirmed by Sportico. Sixth Street, which has previously invested in teams like the San Antonio Spurs, is now expanding its sports portfolio with this major acquisition.
The Competitive Bidding Process for the Celtics
The Grousbeck family described the sale process as “extremely thorough and rigorous” in a letter to investors, thanking all bidders for their time and effort. Ultimately, Bill Chisholm’s group presented the most compelling final bid.
During the final stages of the sale, other potential buyers included Celtics minority owner Steve Pagliuca, Stan Middleman, minority owner of the Philadelphia Phillies, and the Friedkin Group.
From $360 Million to $6.1 Billion: A Historic Sale
In 2002, the Grousbeck family purchased the Boston Celtics for $360 million, and now, more than two decades later, they have secured a groundbreaking deal that sets a new benchmark for sports franchise sales in North America. This record-breaking sale reaffirms the global appeal and value of one of the NBA’s most storied franchises.
