NBA’s Boston Celtics sold for record US$6.1 billion

WASHINGTON – National Basketball Association (NBA) champions the Boston Celtics are being sold to the head of a California private equity firm for US$6.1 billion (S$8.1 billion), a record price for a US sports franchise, the club’s owners confirmed on March 20.

Boston Basketball Partners LLC said in a statement it had agreed to sell the iconic team to William Chisholm, managing director and co-founder of Symphony Technology Group.

“If approved, the new ownership group will buy a majority of the team this summer at an initial valuation of US$6.1 billion,” the statement said, confirming the purchase price reported by US media.

That would surpass the US$6.05 billion paid for the National Football League’s Washington Commanders in 2023.

The sale of the Celtics – one of the most storied in league history with a record 18 championships – still needs the approval of the NBA Board of Governors.

Chisholm, a Massachusetts native, said he has been a “die-hard fan Celtics fan my entire life”.

“I understand how important the Celtics are to the city of Boston – the role the team plays in the community is different than any other city in the country. I also understand that there is a responsibility as a leader of the organisation to the people of Boston, and I am up for this challenge,” he said.

The new ownership group includes current Celtics co-owner Robert Hale; Bruce Beal Jr, president of Related Companies; and the global investment firm, Sixth Street. The Grousbeck family and Steve Pagliuca purchased the Celtics for US$360 million in 2002.

Wyc Grousbeck will continue in his roles of chief executive officer and governor, overseeing team operations, through the 2027-28 season.

Chisholm also said he was looking forward to learning from Grousbeck, along with Celtics president Brad Stevens and head coach Joe Mazzulla.

The Boston Globe reported that three other buyers had been under consideration – Celtics co-owner Pagliuca; Stan Middleman, a co-owner of Major League Baseball’s Philadelphia Phillies; and The Friedkin Group.

Pagliuca released a statement after news of the pending sale broke, saying he “worked tirelessly to put together a strong bid” and was “saddened” that his offer to buy the team was not selected.

“I will never stop being a Celtic, and if the announced transaction does not end up being finalised, 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,” he added.

Three NBA teams were sold in 2023 – the Phoenix Suns for US$4 billion, the Milwaukee Bucks for US$3.5 billion and the Dallas Mavericks for US$3.5 billion. AFP