It’s official: the Boston Celtics will soon be owned by Bill Chisholm. That’s because the NBA Board of Governors has unanimously approved the sale of a controlling interest in the Celtics to an investor group led by Chisholm, the league announced on Wednesday afternoon. The approval comes as no surprise, but was nonetheless a critical formality that had to precede a formal ownership change.
A year-long saga is coming to a close
The Celtics’ sale saga officially began last July, shortly after the Celtics won the 2024 NBA championship. Amid the announcements of several long-term contract extensions to critical players — like Derrick White and Jayson Tatum — the Celtics announced that the team was up for sale.
In March, it was first reported that Chisholm — a longtime Celtics fan and the managing partner of the Symphony Technology Group — would be purchasing the team at a $6.1 billion valuation. The sale is a tiered one that will conclude in 2028. 51 percent of the team will be sold to Chisholm off the bat, with the remaining portions expected over the coming years.
Initially, the state plan was for longtime owner Wyc Grousbeck to remain the Celtics’ Governor for the first three years, but that plan changed when it became clear that Grousbeck wouldn’t own the required 15% of the team, the minimum that is required to remain as Governor.
Still, ESPN’s Ramona Shelbourne reported on Tuesday that Grousbeck would stay on as CEO and as an alternate governor: “Bill Chisholm will technically be the Celtics Governor; he and Wyc Grousbeck plan to run the team together as originally planned. But with Chisholm as Governor and Grousbeck as alternate Governor and CEO. The change in structure was due to league rules, including minimum ownership, sources said.
Chisholm has yet to be formally introduced as the new Celtics’ owner, but the transaction is expected to close shortly, the NBA said.
