The Boston Celtics hang the 2024 NBA championship banner at TD Garden.
Danielle Parhizkaran | Boston Globe | Getty Images
A group led by private equity executive Bill Chisholm is buying the NBA’s Boston Celtics at a valuation of $6.1 billion, the team’s ownership announced Thursday.
Private equity firm Sixth Street is part of the new ownership group and will contribute more than $1 billion, one person familiar with the matter said. Other members of the ownership group are Boston-area businessman Rob Hale and Bruce Beal Jr., president of real estate firm Related Companies.
“Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life,” Chisholm said in a Thursday news release. “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.”
The Celtics’ current ownership group, Boston Basketball Partners, is led by the Grousbeck family. Wyc Grousbeck, the team’s CEO and governor, will remain in those roles through the 2027-2028 season. If approved, the sale will go through this summer.
“Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area,” Grousbeck said in a statement. “His love for the team and the city of Boston, along with his chemistry with the rest of the Celtics leadership, make him a natural choice to be the next Governor and controlling owner of the team.”
The NBA declined to comment.
It is unclear how much Chisholm, co-founder of the firm Symphony Technology Group, will personally pay as part of the deal.
The $6.1 billion sale price is the highest for a team in U.S. sports history, surpassing the $6.05 billion deal for the NFL’s Washington Commanders in 2023.
CNBC Sport’s Official NBA Team Valuations list released in February had estimated the Celtics franchise to be worth $5.5 billion. The top-valued team was the Golden State Warriors at $9.4 billion.
The sale of the Celtics to a large ownership group comes as sports franchise valuations skyrocket, making it more difficult for individuals or families to buy a team themselves. The NFL last year followed the NBA and other major leagues in allowing private equity firms to take stakes in teams.
Soaring media rights payments have contributed to rapid growth in team valuations. The 11-year, $76 billion agreement the NBA signed with Walt Disney, NBCUniversal and Amazon starting next season more than doubled the annual value of the league’s previous media deal.
The Celtics have won 18 championships, the most in the history of the NBA. The team has the second-best record in the NBA’s Eastern Conference this season and is considered a strong contender to win its second consecutive title.
— CNBC’s Michael Ozanian and Leslie Picker contributed to this story.
Disclosure: Comcast is the parent company of NBCUniversal and CNBC.