By Field Level Media
A group headed by Bill Chisholm is set to take control of the Boston Celtics after the NBA Board of Governors unanimously approved the sale on Wednesday.
The NBA wrote in a statement, "The transaction is expected to close shortly."
The reported $6.1 billion valuation for the club makes it the second-largest sale price for a U.S. sports franchise, behind the $10 billion valuation for the Los Angeles Lakers when Mark Walter purchased that team in June.
Chisholm and his partners are
buying at least 51 percent of the Celtics. The ownership stake will increase in 2028, according to the purchase contract, when Chisholm's group is scheduled to buy out the remaining minority shareholders at a $7.3 billion valuation.
According to multiple media reports, Chisholm will take over as the Celtics' governor when the sale goes through. Outgoing owner Wyc Grousbeck is expected to serve as alternate governor and remain the CEO through 2028. Grousbeck will cede his role when he no longer has the required ownership stake of at least 15 percent.
Chisholm, the co-founder and managing partner of the California-based private equity firm STG Partners, is a Massachusetts native and longtime Celtics fan.
Grousbeck and the outgoing ownership group Boston Basketball Partners LLC purchased the Celtics for $360 million in 2002. During that group's tenure, the club won NBA titles in 2007-08 and 2023-24 -- the latter representing Boston's league-record 18th championship.
