The National Basketball Association’s board of governors have approved the $6.1 billion sale of the Boston Celtics to an investor group led by Bill Chisholm. The league said the deal is expected to close “shortly.”
The investor group, which was first revealed in March, includes current Celtics governor and CEO Wyc Grousbeck, current Celtics owner Rob Hale, Related Companies president Bruce A. Beal, Jr. and the investment firm Sixth Street.
Boston Basketball Partners LLC first announced plans to sell the team in July, noting that the Grousbeck family was doing so due to “estate and family planning considerations.”At the time, it said that the sale would happen in two phases, with the majority interest sold in 2024 or early 2025 and the balance closing in 2028.
Grousbeck was expected to continue as CEO and governor through the 2027-2028 NBA season. But, in a change from the original plan, Sportico reports that Chisholm will serve as governor instead.
BDT & MSD Partners, J.P. Morgan and the Jordan Park Group acted as financial advisors and Cooley LLP is served as legal counsel to the Grousbeck family and the Boston Celtics. Goldman Sachs acted as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz served as legal counsel to the investor group.
The Grousbeck family has owned the Celtics since 2002. The team has won 18 championships, the most in the history of the NBA.
Chisholm is the co-founder, managing partner and chief investment officer of STG. He has led many of the firm’s investments, including AFS Technologies, Aldata, Cadmium, CAI Software, Capco, CoreOne, Dodge Construction Data, eProductivity Software, First Advantage, IMI, Intentia, GERS, IRi, JobRapido, Skyhigh Security and Trellix, MSC Software, RSA, Symphony Services, Symphony Talent, Symphony Marketing Solutions, Trace One, Ventiv, and Winshuttle. Prior to co-founding STG, Chisholm co-founded The Valent Group and also worked at Bain & Company and PaineWebber, Inc.
The 80th NBA season will tip off on Oct. 21 on NBC, who struck an 11-year media rights deal with the league that runs through 2036. The league’s other media partners include Disney’s ESPN/ABC and Amazon.
