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The Boston Celtics have agreed to be sold to private equity investor Bill Chisholm for $6.1 billion, Axios has confirmed.
Why it matters: This is the highest price 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: Chisholm is the billionaire co-founder of Symphony Technology Group, and was born and raised in Massachusetts.
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.
