The most successful team in NBA history has been sold at a record price to a private-equity director who grew up in Massachusetts.
As first reported by the Boston Globe, William Chisholm, the California-based managing director and co-founder of Symphony Technology Group, is the winning bidder. ESPN has since reported the sales price is $6.1 billion, which is a new North American record for any team. Chisholm’s purchase still needs to be approved by other league owners.
Outgoing Celtics co-owner Wyc Grousbeck is expected to remain governor as the team is transitioned to Chisholm, a Dartmouth graduate from Georgetown, Massachusetts, who claims to be a longtime fan of the team.
Grousbeck and his co-owners announced their intention to sell 51 percent the team in July, shortly after capturing the franchise’s 18th NBA title with a 4-1 Finals win over the Dallas Mavericks.
Chisholm has since released a statement: ‘Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life. I understand how important the Celtics are to the city of Boston — the role the team plays in the community is different than any other city in the country. I also understand that there is a responsibility as a leader of the organization to the people of Boston, and I am up for this challenge.’
William Chisholm, the California-based managing director and co-founder of Symphony Technology Group, is the winning bidder. Chisolm is believed to have agreed to a $6.1b price
A general view of the 2024 NBA Champion Banner before a game between the Milwaukee Bucks and the Boston Celtics at the TD Garden on October 28
Celtics coach Joe Mazzulla nearly cracks a smile while standing between outgoing Celtics co-owner Wyc Grousbeck and his wife, Emilia Fazzalari on February 21
A co-founder, managing partner and chief investment officer at Symphony Technology Group (STG), Chisholm and his firm have around $10 billion in assets under management, according to Sportico.
Chisholm has also worked at Bain & Company and also co-founded The Valent Group.
Steve Pagliuca, a Celtics co-owner, Stan Middleman, a co-owner of MLB’s Philadelphia Phillies; and The Friedkin Group were also among the bidders.
The Celtics booked $493 million in revenue last season, thanks $102 million in playoff earnings.
Unfortunately for Boston’s bottom line, the Celtics are projected to have the largest payroll in league history next season, thanks to massive deals with stars such as Jaylen Brown, Jayson Tatum, Kristaps Porzingis, Jrue Holiday and Derrick White.
Currently the Celtics are slated to have $445 million in salary and luxury tax penalties in 2025-26, according to ESPN’s Bobby Marks.
Boston (50-19) is once again in the title hunt this season, although they trail the first-place Cleveland Cavaliers by six games for home-court advantage throughout the Eastern Conference playoffs.
Grousbeck had hoped to sell the team in two stages, beginning with a 51-percentstake now and the remaining 48 percent in 2028, at which point he will no longer serve as team governor.
He and his co-investors bought the Celtics for just $360 million in 2002. Since then the team has won two NBA titles and regularly ranks among the league leaders in attendance.
This article was originally published by a www.dailymail.co.uk . Read the Original article here. .