Boston Celtics being sold for a record $7.3 billion
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The Boston Celtics have agreed to be sold to private equity investor Bill Chisholm for an initial $6.1 billion, with the the final valuation to reach $7.3 billion, Axios has learned from sources familiar with the situation.
Why it matters: This is the most ever paid for a professional sports team, topping the $6 billion that Josh Harris paid in 2023 for the NFL's Washington Commanders.
- It's made even more remarkable because the Celtics don't own their own arena and have one of the league's highest payrolls.
Zoom in: The deal is split into two parts. The initial purchase this summer of a majority stake is at the $6.1 billion valuation, but the rest is expected to be valued at a whopping $7.3 billion.
Zoom in: Chisholm is the billionaire co-founder of Symphony Technology Group, and was born and raised in Massachusetts.
- Also participating is Sixth Street Partners, which earlier this week agreed to acquire a 10% stake in MLB's San Francisco Giants.
Catch up quick: The Celtics were purchased in 2002 for $360 million, including $200 million in equity, by a group that included venture capitalist Wyc Grousbeck, his telecom tycoon father Irv, and private equity investor Steve Pagliuca.
- The Grousbecks announced last year, just days after the Celtics won their 18th championship, that they intended to sell the club. They own just over a quarter of the franchise, but controlled the ownership group.
- The plan would be for Wyc Grousbeck to continue to serve as club CEO and NBA governor through the 2027-2028 seasons.
- Paglicua was among those bidding for the control stake, and it's doubtful that he'll roll over his position.
- Telecom billionaire Robert Hale, who is a limited partner in the existing group, is said to be participating.
- Sportico was first to report the news.
Look ahead: The NBA still would need to approve the sale, which isn't likely until near or after the season ends.
- Chisholm, meanwhile, is said to still be looking for co-investors on the deal.
Editor's Note: This story has been updated with additional deal terms.
