Bill Chisholm, the managing partner at Symphony Technology Group, is leading a group that has agreed to buy the Boston Celtics for a substantial valuation of $6.1 billion, sources told ESPN's Shams Charania. This landmark price surpasses the record previously held by a group led by Josh Harris, who paid $6.05 billion to acquire the NFL's Washington Commanders in 2023. The sale of the Celtics would establish a new pinnacle in the realm of North American sports franchise valuations, exceeding even the notable acquisition of the Phoenix Suns by Mat Ishbia at $4 billion two years ago.
The Celtics' decision to undergo a sale process was triggered after achieving their 18th NBA championship by defeating the Dallas Mavericks in the NBA Finals last June. This victory added another layer to the historic rivalry with the Los Angeles Lakers. The team's controlling ownership group, Boston Basketball Partners, L.L.C., helmed by co-owners Wyc Grousbeck and Steve Pagliuca since 2002, announced their surprising intention to sell the controlling stake after more than two decades of unwavering ownership.
Pagliuca, acknowledging the sale in a statement shared on social media, expressed his disappointment at not being selected as the preferred buyer for the Celtics, despite robust efforts. The ongoing plan entails Grousbeck retaining his position as the franchise's CEO and governor until the 2027-2028 season as per the family's initial announcement regarding the sale.
The acquiring group spearheaded by Chisholm, a devoted Celtics fan with deep ties to Boston, comprises esteemed business executives and philanthropists such as current Celtics owner Rob Hale and Bruce A. Beal, Jr. This acquisition brings forth a significant shift in ownership for the Celtics, with Chisholm poised to lead the team into a new era amidst high expectations of championship contention and financial challenges on the horizon.
The Celtics face the prospect of becoming the first NBA team to exceed $500 million in combined payroll and luxury tax payments in the upcoming season, primarily due to Jayson Tatum's supermax contract extension coinciding with the financial implications of the current collective bargaining agreement. Despite these financial hurdles, the Celtics remain strong contenders to vie for another championship, aiming to achieve back-to-back titles for the first time since the 2017-18 Golden State Warriors.
Having secured a record 18 NBA titles over their illustrious history, the Celtics hold a prestigious standing in the basketball world, trailing only the New York Yankees and Montreal Canadiens in total championships across all North American professional sports leagues. The sale of the Celtics could potentially influence the NBA's expansion plans, as the league awaits resolution on Boston's ownership situation following the landmark valuation achieved with this sale.
In the broader context of the business of professional sports, this notable transaction underscores the escalating values of sports franchises, with the NFL setting high benchmarks for franchise acquisitions. The Celtics' purchase price of $6.1 billion marks a significant milestone in franchise valuations, surpassing the highest amount paid for an NFL team and signaling the robust growth trajectory of sports franchises in today's market.
The thriving landscape of sports business continues to demonstrate the inherent value and appeal of professional sports teams, attracting substantial investments and reshaping the industry's financial dynamics. With the Celtics set to embark on a new chapter under Chisholm's stewardship, the transaction symbolizes the enduring allure and commercial viability of owning a storied sports franchise in the contemporary sports marketplace.
