NBA endorses purchase of Boston Celtics for $6.1 billion
Boston Celtics Sold for Record-Breaking $6.1 Billion to Local Fan Bill Chisholm
In a historic move, the Boston Celtics have been sold to Bill Chisholm, the managing partner of the investor group that purchased the majority stake in the team. The sale, which is expected to close shortly, has been unanimously approved by the NBA Board of Governors.
Chisholm, a die-hard Celtics fan and Massachusetts native, now holds majority ownership of the team, having acquired at least 51% of the team with full control planned by 2028. He will assume the role of governor, representing the team at the NBA Board of Governors level and leading the broader ownership and governance transitions.
Despite ceding majority ownership, Wyc Grousbeck, who led the previous ownership group since 2002, remains deeply involved in operations as CEO and co-owner. He will continue in his roles through the 2027-28 season, overseeing the day-to-day business and basketball operations, working in partnership with Chisholm and other executives. Grousbeck will no longer be a governor due to the sale, as per the league's requirements.
The sale of the Celtics at an initial valuation of $6.1 billion was the highest ever offered for a North American sports team, but has since been surpassed by the $10 billion sale of the Los Angeles Lakers. The Celtics hold the record for the most NBA championships with 18, with their most recent championship won in 2024.
Chisholm and Grousbeck plan to run the team together as originally planned, reflecting a transition from the founding long-term ownership group to new majority ownership while maintaining continuity in the team's leadership and culture. This arrangement effectively separates the strategic and league-level ownership representation (Chisholm) from the operational management and executive leadership (Grousbeck).
The Boston Celtics were purchased by the Grousbeck family and Steve Pagliuca for $360 million in 2002. With this sale, the Celtics continue their journey as one of the most successful and beloved franchises in the NBA.
- Bill Chisholm, the new majority owner of the Boston Celtics, is also a tech investor with a keen interest in sports and finance.
- The historic purchase of the Celtics for $6.1 billion by Chisholm is a testament to the booming business of sports, surpassed only by the $10 billion sale of the Los Angeles Lakers.
- Despite the change in ownership, Wyc Grousbeck, a veteran in sports business management, continues his role as CEO and co-owner, overseeing the day-to-day operations of the team.
- As the team's legacy continues to be upheld with the most NBA championships (18) and a beloved franchise status, Chisholm and Grousbeck aim to maintain the team's culture, with Chisholm focusing on strategic ownership representation and Grousbeck handling operational management.
