The NBA Board of Governors has unanimously approved the $6.1 billion sale of the Boston Celtics to an investor group led by Bill Chisholm, the league announced Wednesday.
A league spokesperson said the deal is expected to close soon. Chisholm will immediately become team governor and secure at least 51 percent of the franchise, with an option to obtain full control by 2028—raising the potential franchise valuation to about $7.3 billion, ESPN reported.
Governance and stakes
Outgoing governor Wyc Grousbeck will hold slightly less than the NBA’s required 15 percent ownership threshold for governors once the sale is finalized. He will remain chief executive officer and serve as an alternate governor. Basketball operations will continue under president of basketball operations Brad Stevens, while Rich Gotham will remain president of business operations.
The incoming ownership group also includes current minority owner Robert Hale, Related Companies president Bruce A. Beal, Jr., private-equity firm Sixth Street Partners, and Indian steel executive Aditya Mittal. Chisholm’s bid topped several competitors, among them a group led by former Celtics minority partner Steve Pagliuca.
Pagliuca has since agreed to purchase the WNBA’s Connecticut Sun for $325 million and intends to move the team to Boston, subject to approval by the WNBA Board of Governors.
Source: Basketball Insiders
