Boston Celtics $ 6.1 billion of sale in Chisholm approved by NBA
The Council of Governors of the NBA unanimously approved the sale of the Boston Celtics to a group led by William Chisholm, announced the League on Wednesday. The agreement should close by the end of the week.
Chisholm will replace Wyc Grousbeck as governor in a ride from the original Grousbeck plan to remain in place in the role during the 2027-28 season.
In March, the Chisholm group reached an agreement to purchase the Celtics in two phases, which was the stated goal, led by the Grousbeck family. The agreement evaluated the team at $ 6.1 billion in the first payment, scoring the most expensive sale sale in the history of the sports teams at that time: the purchase of Phoenix Suns of 4 billion dollars of Ishbbia in 2022 was the previous record. Since then he has been overcome by the purchase of $ 10 billion Mark Walter of the Los Angeles Lakers.
Tuesday, Sportico gave the news that a group led by Tom Dundon reached an agreement to purchase Portland Trail’s blazers with an evaluation of $ 4.25 billion. Assuming that the agreement and that of the Lakers are approved, it would mark the 14th NBA control sale since 2013.
Chisholm, who will be the main investor, was born and raised in Massachusetts and attended Dartmouth College, as well as two of his children. He is co-founder, CEO and Chief Investment Officer of the Private Equity Stg Partners company, which is based in Menlo Park, California, the STG portfolio includes more than 50 active and closed investments, with about $ 12 billion of managed activities, starting from March.
Aditya Mittal will be the second largest stakeholder of the Celtics and will probably replace Grousbeck as an alternative governor after the 2027-28 season. Mittal is the son of Lakshmi Mittal, who is an executive president of ArceloMittal of 62 billion dollars, the second largest mining and mining company in the world after the Chinese state Baowu. Lakshmi started Mittal Steel in the late 80s and joined the company with the French Arceor in 2006. It is worth $ 26 billion, second Bloomberg.
The private equity giant Sixth Street was part of Chisholm’s initial group when the agreement was reached. The company, which also has a participation in San Antonio Spurs, will be the third major shareholder, right behind Mittal. The NBA private equity rules limit the participation that a single enterprise can have 20% of the team.
The investment group also includes Rob Hale, who was a previous Celtics investor and is increasing his participation in the agreement, as well as Bruce A. Beal Jr., president of the related companies.
Grousbecks purchased the team in 2002 for $ 360 million. Last July, they announced that the franchising was on sale, less than two weeks after winning a championship of the 18th NBA record. The declared reason was real estate planning.
The Celtics season of 2024-25 had an extraordinary goal while the A All-Nba star Jayson Tatum torn Achille’s tendon during the Eastern Conference semifinals against the New York Knicks and Boston lost the series. A long recovery is in advance and the club has exchanged a couple of key players in the race of the 2024 title, Kristaps Porzingis and Jrue Holiday, who will save about 180 million dollars in luxury tax penalties next season, according to Espn’s Bobby Marks.
Goldman Sachs was the financial consultant of the Chisholm group. BDT & MSD and JPMORGAN CHASE have co-director the sales process for Celtics. Jordan Park was the Grousbecks councilor.