Want more from Front Office Sports
in your search results?
The sale of the Celtics at a $6.1 billion valuation has been unanimously approved by the NBA board of governors, the league announced Wednesday.
The transaction, first announced in March, is expected to close “shortly,” according to a statement from the NBA. The board vote and team sales closing typically happen in tandem, so closing should happen in days, not weeks. A representative for Chisholm declined to comment Wednesday.
Once the transaction officially closes, Bill Chisholm will assume control of the team. Previously, departing governor Wyc Grousbeck had said he would retain control through the 2027-28 season, but Front Office Sports recently reported that plan changed.
Grousbeck will immediately cede the lead governor role to Chisholm and will stay on as alternate governor and CEO through 2028.
At the time it was announced, the Celtics sale represented the largest pro sports deal in history, although only a few months later that record was broken when the Lakers were sold at a $10 billion valuation.
The sale took longer to close than some other recent franchise sales (it’s been about five months since the Celtics deal was announced, while the Mavericks, Hornets, and Suns sales took an average of less than a month and a half to close after the first announcement). Rumors about potential issues with the transaction sprouted almost as soon as it was announced in late March, including reports that private-equity firm Sixth Street Partners was contributing more money than Chisholm. The NBA’s private-equity ownership rules stipulate that a PE firm cannot be the largest stakeholder in a team and that the controlling owner must contribute at least 15% of the purchase price.
Chisholm took care of any issues and the agreement has seemingly been ready for approval since May, when FOS reported Chisholm had amassed enough money to cover the cost of the deal. Later that month, FOS confirmed that the CEO of ArcelorMittal—the world’s second-largest steel producer—is contributing $1 billion to the transaction. Other investors participating in the deal include private-equity firm Sixth Street, existing Celtics minority owner Robert Hale Jr., and Related Companies president Bruce A. Beal Jr.
Chisholm, who, prior to the Celtics announcement, was a little-known private-equity executive, is buying the team in his personal capacity, not through his firm, Symphony Technology Group.
Download the FOS App
The business of sports, in your pocket.
Scan the QR code to get the app now.
