The Boston Celtics are over five weeks removed from the announcement of their record $6.1 billion sale to owner-in-waiting Bill Chisholm, and there’s still work left to do before the team officially undergoes its transfer of powers.
Chisholm is set to take over the reins as Wyc Grousbeck, the current governor and majority owner, slowly steps down — Grousbeck’s plan is to remain in charge until 2028. But there’s a small detour that could delay the torch-passing process: Chisholm doesn’t have the necessary funds to comply with NBA rules, which require any new majority owner to contribute 15% of the purchase price upfront ($915 million in this case).
So, Chisholm is rumored to be weighing his options, one of which includes seeking out additional investors to help seal the deal.
“I’ve had two very in-the-know sources tell me in just the past week that Chisholm has been actively calling other rich team owners — including a deep-pocketed NFL owner — to ask if they want to buy in. (Chisholm’s reps declined to comment.),” Daniel Roberts of Front Office Sports reported Tuesday.
Chisholm, a Massachusetts native, has spoken with pure excitement ever since the agreement was made public. Chisholm is said to be a deeply passionate fan and follower of the Celtics with lifelong ties to the franchise. That’s all fine and dandy, but talk is cheap, and keeping the Celtics the Celtics is expensive. Boston is on track to become the NBA’s first team to surpass $500 million in combined payroll once Jayson Tatum’s $315 million supermax contract kicks in next season. Chisholm, albeit with the assistance of Grousbeck for the next few years, will be expected to weather the financial challenge.
Story continues below advertisement
Celtics forward Sam Hauser, who signed a four-year, $45 million extension last offseason, could cost the team an additional $80 million in luxury tax penalties once the 27-year-old’s contract kicks in. That makes Hauser an immediate trade candidate to help alleviate the Sudoku puzzle that’ll be navigating the payroll.
Robert Hale, a current Celtics minority co-owner, Bruce A. Beal Jr, and Sixth Street, a global investment firm, are among those on Chisholm’s investment team. The NBA’s Board of Governors won’t review and vote on the purchase until June, which gives the 56-year-old plenty of time to recruit.
What do you think? Leave a comment.
Some executives across the league have doubted Chisholm ever since the sale went down.
“I have no clue who he is,” an anonymous NBA owner told the New York Post’s Charles Gasparino in March. “This doesn’t add up.”
Story continues below advertisement
Chisholm was a managing partner at Symphony Technology Group, based out of California, when he purchased the team. The Dartmouth College graduate has attended games routinely from the tail-end of the regular season and into Boston’s first-round playoff series against the Orlando Magic. Grousbeck emphasized that those involved in conducting the sale made sure to carefully pick through a list of qualified candidates.
Meanwhile, Chisholm has spoken the part of a passionate member of Celtics Nation.
“As a kid growing up in New England I didn’t even know to dream about this and then to have it happen, you know, it was really emotional,” Chisholm said while in attendance for a Celtics-Sacramento Kings matchup in March, per NBC Sports Boston. “I understand what this is about and what it means to the people of Boston because I’m one of them and I’m going to do it right.”
