The NBA’s Boston Celtics are being sold to the head of a California private equity firm for US$6.1 billion, a record price for a US sports franchise, the club’s owners confirmed on Thursday.
Boston Basketball Partners LLC in a statement said that 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.
Photo: AP
That is the highest ever offered for a North American sports team, surpassing the US$6.05 billion paid for the NFL’s Washington Commanders in 2023.
The sale of the Celtics, the current NBA champions, still requires the approval of the NBA Board of Governors.
The team is one of the most storied in the league’s history, with a record 18 championships.
Chisholm, a Massachusetts native, in a statement said he has been “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,” Chisholm said.
“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,” he said.
The new ownership group also includes current Celtics co-owner Robert Hale, Bruce Beal Jr, president of Related Companies, and Sixth Street, a global investment firm.
The Grousbeck family and Steve Pagliuca purchased the Celtics for US$360 million in 2002.
Wyc Grousbeck would continue in his roles of chief executive officer and governor, overseeing team operations, through the 2027 to 2028 season.
The Boston Globe reported that three other buyers had been under consideration: Celtics co-owner Pagliuca, Stan Middleman, a co-owner of MLB’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.
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.
Twelve days after winning her second Grand Slam title at the French Open, Coco Gauff fell at the first hurdle on grass in Berlin on Thursday as beaten Paris finalist Aryna Sabalenka advanced to the quarter-finals. Recipient of a first round bye, American Gauff lost 6-3, 6-3 to Chinese qualifier Wang Xinyu as world number one Sabalenka beat Rebeka Masarova 6-2, 7-6 (8/6) in her second round tie. Winner of 10 main tour titles, including the US Open in 2023 and the WTA Finals last year, Gauff has yet to lift a trophy in a grass-court tournament. “After I won the first
While British star Jack Draper spent the past week trying to find rhythm and comfort in his first grass tournament of the season at the Queen’s Club Championships in London, Jiri Lehecka on Saturday bulldozed everything in his path. After more than two furious hours of battle, their form was reflected in the final scoreline as Lehecka toppled a frustrated Draper, the second seed, 6-4, 4-6, 7-5 to reach the biggest final of his career, against Carlos Alcaraz. Lehecka is also the first Czech to reach the men’s title match at Queen’s since Ivan Lendl lifted the trophy in 1990. Draper, who
Top-ranked Aryna Sabalenka staged a “crazy comeback,” saving four match points before beating Elena Rybakina 7-6 (6), 3-6, 7-6 (6) in the quarter-finals of the Berlin Open on Friday. Sabalenka was 6-2 down in the final-set tie-breaker, but won six straight points to reach her eighth semi-final of the season. “Elena is a great player and we’ve had a lot of tough battles,” Sabalenka said. “I have no idea how I was able to win those last points. I think I just got lucky.” “I remember a long time ago when I was just starting, I won a lot of matches being down
The Canterbury Crusaders edged the Waikato Chiefs 16-12 in an intense Super Rugby Pacific final battle in Christchurch yesterday to claim their 15th title in 30 years of the Southern Hemisphere competition. Hooker Codie Taylor scored a try and Rivez Reihana contributed 11 points from the kicking tee as the most dominant team in Super Rugby history extended their perfect home playoff record to 32 successive matches since 1998. The Chiefs, who were looking for a first title since 2013, scored first-half tries through George Dyer and Shaun Stevenson, but were unable to register a point after the break and fell to
RSS