The Boston Celtics are officially under new management after a group led by Bill Chisholm, managing partner at Symphony Technology Group, purchased the franchise for a record-breaking $6.1 billion.
This sale price is the largest in the history of North American sports, surpassing the $6.05 billion sale of the Washington Commanders in 2023, according to The Athletic.
Although the sale of the franchise was announced on Thursday, little information was released about the terms of the agreement other than the final price.
Boston Basketball Partners, LLC, a group led by co-owners Wyc Grousbeck and Steve Pagliuca, surprised the sports world by announcing plans to sell the team shortly after the 2024 NBA Finals, in which Boston took down the Dallas Mavericks to win its 18th championship.
Many were shocked by this decision since the group has owned the Celtics since 2002 when the franchise was sold for $360 million, per Bleacher Report.
Grousbeck is the current Celtics CEO and governor and said shortly after the announcement that Chisholm requested he remain on the staff until the end of the 2027-28 season.
“We hoped from the beginning to find the right person with the resources and commitment to win banners, and being a great person,” he said, according to ESPN.
“Bill checks every box for us. I have always been a consultant and have had final say here with the Celtics since the family bought into the team, and that will continue for the next three years and we will transition.”
Chisholm told Shams Charania of ESPN that his journey to owning the Celtics began “just under 50 years ago” when he attended his first NBA game at Boston Garden.
“I was hooked ever since. I’ve been a rabid fan ever since. I bleed green. I love the Celtics. When this opportunity came up, I couldn’t pass it up. Wyc has done an incredible job running this franchise. So why would you mess that up? The team is in a great place right now, and I’m very sensitive to that. Wyc, Brad [Stevens] and Joe [Mazzulla] have done amazing jobs and that’s all goodness that we want to continue,” he said, per ESPN.
The sale must still be approved by the NBA Board of Governors, but there is not expected to be any concern about the eventual approval of this decision, per NBC Sports.