A lifelong fan has set a new record for a North American sporting franchise by paying US$6.1 billion to buy the Boston Celtics basketball team, the most successful in the history of the National Basketball Association (NBA).
Celtics owner Boston Basketball Partners LLC said it had entered into an agreement to sell the team to a group led by William Chisholm, the co-founder and Managing Partner of California-based private equity firm Symphony Technology Group.
Boston Basketball Partners said the new ownership group would buy a majority of the team this north hemisphere summer at an initial valuation of $6.1 billion (A$9.7 billion) if the sale was approved by the NBA Board of Governors.
The group includes Wyc Grousbeck, who will continue as CEO and Governor to the end of the 2027-2028 season, and Boston business executives and philanthropists Rob Hale, a current Celtics owner, and Bruce A. Beal Junior, President of real estate developer Related Companies and global investment firm Sixth Street.
“Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area,” Grousbeck said in a statement.
“His love for the team and the city of Boston, along with his chemistry with the rest of the Celtics leadership, make him a natural choice to be the next Governor and controlling owner of the team.
“I know he appreciates the importance of the Celtics and burns with a passion to win on the court while being totally committed to the community.
“Quite simply, he wants to be a great owner. He has asked me to run the team as CEO and Governor for the first three years, and stay on as his partner, and I am glad to do so.”
Chisholm said he had been a die-hard Celtics fan all his life and understood how important the team was to the city of Boston, playing a role in the community which was different to any other city in the United States.
“I also understand that there is a responsibility as a leader of the organization to the people of Boston, and I am up for this challenge,” Chisholm said.
Investors in Boston Basketball Partners LLC, which bought the team for $360 million since 2002, include the family of Wyc Grousbeck.
The Boston Celtics are the most successful team in NBA history with 18 championships.
The previous highest price for an American sports franchise was the $6.05 billion paid by investors including Apollo Global Management founder Josh Harris for National Football League team Washington Commanders in 2023.
The previous NBA team sale record was set by a group led by United Wholesale Mortgage CEO Mat Ishbia, which paid $4.65 billion for the Phoenix Suns in 2023.
