For the Boston Celtics, a new era has begun as the NBA approved this week a record-setting sale of the historic franchise. Chisholm leading Ownership Chisholm and a new ownership group, including several nonwhite investors, are assuming control of the team. They must buy at least 51% of the team and intend to take full control by 2028. Wyc Grousbeck, who was at the head of the ownership group which purchased the Celtics for $360 million in 2002, will be vacating his post. This decision represents a major turnaround for the legendary franchise.
Under Grousbeck’s stewardship, the Celtics have solidified their place in NBA history, boasting 18 league titles, the most of any franchise. His time brought three more championships (2008, 2024) making the legacy of this amazing team even grander. The franchise’s rich history and competitive success has made the franchise worth $7.3 billion – among the highest of all franchises – which have skyrocketed in recent years.
Any new ownership group would likely include Bruce Beal Jr., another Boston businessman, though Rob Hale is still listed as a current shareholder. Grousbeck’s exit signifies a pivotal change, moving the franchise into a new chapter under Chisholm’s leadership.
In another encouraging sign, Steve Pagliuca, former minority owner of the Celtics, confirmed some thrilling news this week. He recently announced plans to buy the WNBA’s Connecticut Sun for a mind-boggling $325 million. Though this move would need to be approved by the WNBA’s board of governors, he intends to move the team to Boston. Pagliuca’s plans could foster even more synergy between the two competing franchises in the Boston market.
The sale of the Celtics would also break records for the most paid for a sports franchise ever. That tops the previous high mark, set just earlier this year when the NFL’s Washington Commanders went for $6.05 billion. This new deal emphasizes the recent acceleration of sports franchise valuations. Mark Walter’s deal to acquire a controlling interest in the Los Angeles Lakers has driven the team’s value to a jaw-dropping $10 billion.
This once unimaginable change in custodianship underscores just how lucrative the bottom line has become for professional sports. It speaks to the continued popularity of one of basketball’s greatest and most storied franchises. Chisholm is looking forward to finally being in full control and implementing his vision with the Celtics. Fans and other stakeholders are understandably eager to see how this development will continue to affect the long-term direction of the franchise.
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