The Boston Celtics have finalized their sale to Bill Chisholm, a private equity mogul, marking a significant transition in the franchise’s long history. The sale was announced on Tuesday. That brings to a close an unusual bidding process that has played out since last summer when the team was put up for sale. In March, Chisholm put in a successful bid that valued the Celtics at over $6.1 billion. This accomplishment broke the record for the most expensive price paid for an American professional sports team.
With this acquisition, Chisholm becomes the owner of at least 51% of the Boston Celtics. He hopes to have full control of the cash-strapped franchise by 2028. Wyc Grousbeck and his ownership group purchased the Celtics in 2002 for a then-record $360 million. Now, more than 20 years later, they’re encountering a huge transformation for the first time since ownership started. Under Grousbeck’s leadership, the Celtics achieved significant success, including winning their record 18th NBA championship prior to the team’s market debut.
The Celtics are worth $6.1 billion, a testament to their proud winning tradition. This figure underscores the team’s encouraging upside as an especially young squad poised for continued improvement. As explained by Forbes’ Michael Ozanian, Chisholm’s generous offer is likely to push the team’s overall value to just over $7.3 billion. This increase would add to its lead in the highly competitive arena of professional sports.
This trend-setting sale reflects the growing money landscape in favor of basketball—particularly with the NBA. Just last week, minority ownership of the Los Angeles Lakers sold for a jaw-dropping $4 billion. This agreement means that the whole franchise is now worth $10 billion, part of a larger trend of increases valuations of all big sports franchises.
As Chisholm gets ready to take the Celtics in a new direction, the basketball world will be paying attention. His background in private equity may influence both operational strategies and investment decisions as he navigates the complexities of managing one of the league’s most iconic teams.
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