NBA approves sale of Boston Celtics to private equity mogul Bill Chisholm for record US$6.1 billion

Lucky the Leprechaun, the Boston Celtics team logo, peers out from in between Celtics championship banners hanging in their new basketball team practice facility, Tuesday, June 19, 2018, in Boston. (AP Photo/Elise Amendola, File)

BOSTON — The NBA on Wednesday unanimously approved the sale of the Boston Celtics to a group led by private equity mogul Bill Chisholm, a deal that values the franchise at more than $6.1 billion — the largest ever for an American professional sports team.

The league said the transaction is expected to close shortly. When it does, Chisholm will take ownership of at least 51% of the team, with full control coming by 2028 at a price that could bring the total value to $7.3 billion.

The previous record for a U.S. sports franchise was the $6.05 billion paid for the NFL’s Washington Commanders in 2023. The record price for an NBA team was the $4 billion mortgage firm owner Mat Ishbia paid for the Phoenix Suns in 2023.

A Massachusetts native and graduate of Dartmouth College and Penn’s Wharton School of business, Chisholm is the managing partner of California-based Symphony Technology Group. The new ownership group also includes Boston businessmen Rob Hale, who is a current Celtics shareholder, and Bruce Beal Jr.

Wyc Grousbeck led the ownership group that bought the team in 2002 for $360 million and presided over NBA championships in 2008 and ‘24. The franchise’s 18 NBA titles is a record.

Chisholm outbid at least two other groups, one led by previous Celtics minority partner Steve Pagliuca. Pagliuca has since announced plans to but the WNBA’s Connecticut Sun for $325 million and move them to Boston, but the women’s league has balked at the deal.

Jimmy Golen, The Associated Press