In a landmark transaction, the Boston Celtics have been sold to a private equity group led by William "Bill" Chisholm, co-founder and managing partner of Symphony Technology Group, for $6.1 billion. This sale sets a new record for the highest valuation of a North American sports franchise, surpassing the $6.05 billion paid for the NFL's Washington Commanders in 2023.
Chisholm, a Massachusetts native and lifelong Celtics fan, expressed his enthusiasm for the acquisition, stating, "Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life. 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."
The Grousbeck family, through Boston Basketball Partners LLC, purchased the Celtics in 2002 for $360 million. Under their ownership, the team secured NBA championships in 2008 and 2024. As part of the current agreement, Wyc Grousbeck will continue as the team's governor and CEO through the 2027-28 season, ensuring a smooth transition of leadership.
This transaction reflects the escalating valuations of NBA franchises, driven by lucrative media rights deals and the league's global popularity. The NBA's recent broadcasting agreement, valued at $76 billion, has significantly contributed to the surge in franchise values.
However, the new ownership will face financial challenges, notably the team's substantial payroll. The Celtics are projected to incur a $233 million payroll next season, leading to an estimated luxury tax bill of $280 million. This could result in a combined expenditure of over $500 million for salaries and tax penalties in the 2025-26 season. Despite these financial implications, the ownership group is committed to maintaining the championship-winning roster, with general manager Brad Stevens focused on retaining the team's core players.
The sale also has broader implications for the sports industry, setting a new benchmark for franchise valuations. This record-breaking deal may influence future transactions and expansion fees within the NBA and other professional sports leagues.
Pending approval from the NBA's board of governors, the sale is expected to be finalised by the summer of 2025. As the Celtics transition to new ownership, the focus will remain on sustaining the team's competitive edge and honouring its deep-rooted connection to the Boston community.