BOSTON (AP) \u2014 The NBA on Wednesday unanimously approved the sale of the Boston Celtics to a group led by private equity mogul Bill Chisholm, a deal that values the franchise at more than $6.<\/p>\n
BOSTON (AP) \u2014 The NBA on Wednesday unanimously approved the sale of the Boston Celtics to a group led by private equity mogul Bill Chisholm, a deal that values the franchise at more than $6.1 billion<\/a> \u2014 the largest ever for an American professional sports team.<\/p>\n The league said the transaction is expected to close shortly. When it does, Chisholm will take ownership of at least 51% of the team, with full control coming by 2028 at a price that could bring the total value to $7.3 billion.<\/p>\n The previous record for a U.S. sports franchise was the $6.05 billion paid for the NFL\u2019s Washington Commanders in 2023. The record price for an NBA team was the $4 billion mortgage firm owner Mat Ishbia paid for the Phoenix Suns in 2023<\/a>.<\/p>\n A Massachusetts native and graduate of Dartmouth College and Penn\u2019s Wharton School of business, Chisholm is the managing partner of California-based Symphony Technology Group. The new ownership group also includes Boston businessmen Rob Hale, who is a current Celtics shareholder, and Bruce Beal Jr.<\/p>\n Wyc Grousbeck led the ownership group that bought the team in 2002 for $360 million and presided over NBA championships in 2008 and \u201824. The franchise\u2019s 18 NBA titles is a record.<\/p>\n Chisholm outbid at least two other groups, one led by previous Celtics minority partner Steve Pagliuca. Pagliuca has since announced plans to but the WNBA’s Connecticut Sun for $325 million and move them to Boston, but the women’s league has balked at the deal<\/a>.<\/p>\n ___<\/p>\n