A group led by William Chisholm, backed by private equity firm Sixth Street, has reached an agreement to purchase the Boston Celtics. The deal, valued at $6.1 billion in its first phase, will be the most expensive sale of an NBA team in history.
Chisholm, managing partner of Symphony Technology Group, will acquire the team in two stages, following the plan set by current owners, the Grousbeck family.
Key Details of the Deal
- Ownership Transition: Wyc and Irving Grousbeck announced the sale in a letter to Celtics investors on Thursday. The transaction will happen in two phases, with Chisholm taking a majority stake now and full control transferring in 2028.
- Financial Backing: Sixth Street is contributing over $1 billion to the deal. Other investors include Rob Hale, a current Celtics stakeholder, and Bruce A. Beal Jr., president of Related Companies.
- Leadership Continuity: Wyc Grousbeck will remain the team’s governor through the 2027-28 season.
A Historic Sale in the NBA
This transaction has been closely watched as a key indicator of franchise valuations across professional sports. The Celtics, one of the NBA’s most successful and popular teams, do not own their arena and have only a small stake in their regional media partner. Sportico had previously valued the team at $5.66 billion, sparking speculation on whether the sale would surpass $6 billion.
With a blended valuation of approximately $6.6 billion, this deal sets a new benchmark, far exceeding the $4 billion paid by Mat Ishbia for the Phoenix Suns.
Who Is William Chisholm?
- Background: A Massachusetts native and Dartmouth College graduate, Chisholm is co-founder and managing partner of Symphony Technology Group (STG).
- Business Experience: STG, based in Menlo Park, California, manages $10 billion in assets across more than 50 investments. Before founding STG, Chisholm co-founded The Valent Group and worked at Bain & Company and PaineWebber.
Sixth Street’s Growing Presence in Sports
- Major Investments: Sixth Street manages over $100 billion in assets and has stakes in the San Francisco Giants, Legends, NWSL club Bay FC, and minority interests in the San Antonio Spurs, Real Madrid, and FC Barcelona.
- NBA Private Equity Expansion: With this deal, Sixth Street joins Arctos Partners and Blue Owl as private equity firms with multiple NBA investments. Arctos holds stakes in the Warriors, 76ers, Kings, and Jazz, while Blue Owl has investments in the Hawks, Timberwolves, and Kings.
Celtics’ Ownership History
- Previous Purchase: The current owners bought the team in 2002 for $360 million.
- Reason for Sale: The Grousbeck family, citing estate planning, decided to sell after the Celtics won their record 18th championship last July. The phased sale allows Wyc Grousbeck to retain control until 2028.
Advisors and Process
BDT & MSD and JPMorgan Chase co-led the sale, with Jordan Park advising the Grousbecks.
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