Bill Chisholm, managing partner at Symphony Technology Group, has agreed to purchase the Boston Celtics from the Grousbeck family for a record valuation of $6.1B, per Shams Charnia.
The value of these franchises keeps ballooning, as this is the largest sale for a sports franchise in the big four North American sports and is expected to be ratified by the NBA’s Board of Governors this summer.
Wyc Grousbeck Sells Boston Celtics To Bill Chisholm For $6.1B
Of course, the Boston Celtics are one of the iconic franchises in sports history and along with the Lakers are the flagship franchises of the NBA. The Celtics have more world championships than any team in history with 18 and lead the NBA with 40 Hall of Famers inducted. The Lakers are second with 31 and the Knicks fall third with 29.
“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 from 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,” Chisholm said in a statement.
Who Is New Celtics Owner Bill Chisholm?
Chisholm heads the Symphony Technology Group’s investment strategies and is involved in its day-to-day management, according to his bio on the company’s website. Symphony Technology Group is a private equity firm that manages “data, software and analytics ventures,” per its website.
In other words, he has big time money. The kind of money that can buy you majority ownership of a coveted NBA franchise.
The person that really came up in this sale is Wyc Grousbeck, who led the former majority ownership group of the Celtics. Grousbeck, announced plans to sell the team, just days after Boston held a rolling rally in celebration of the franchise’s 18th title. A championship that Jayson Tatum and Jaylen Brown led The Green Machine too.
Wyc Grousbeck Bought Boston Celtics For $360M, Sold Team For $6B
Grousbeck led the group that purchased the Celtics for $360 million in 2002. The team is now worth $4.7 billion, according to Forbes.
Grousbeck will stay on in his role as CEO and Governor, overseeing team operations, through the 2027-2028 NBA season, at the request of Chisholm, who has no prior experience owning an NBA team.
“Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area,” Grousbeck said. “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. I know he appreciates the importance of the Celtics and burns with a passion to win on the court while being totally committed to the community. Quite simply, he wants to be a great owner. He has asked me to run the team as CEO and Governor for the first three years, and stay on as his partner, and I am glad to do so.”
Fans React To Boston Celtics Sale
Social media reacted to the sale, focusing on the amount of money that was spent to secure the franchise, and how lucky a man Grousbeck is to have come off with that kind of profit after 23 years as owner.
Some fans warned that a change of ownership, could lead to hard times for Boston’s winning culture.
“Ask the Mavs how new management is going for them,” said one fan on X, referencing the Luka Doncic trade that has sunk the Mavericks franchise since the departure of old owner Mark Cuban.
“Hope they don’t pull a Nico and trade Tatum,” another fan quipped, offering another worst-case scenario for new Celtics ownership and chastising Dallas Mavericks GM Nico Harrison for trading Luka Doncic for a broke down Anthony Davis.
Other fans simply marveled at the reality that a person could actually have that much money and increase the value of the team so dramatically.
“They did a 17x flip in 23 years while Investors today can’t even hold an asset for 23 minutes?! Lessons in there,” the fan said on X.
Some complained that the playing field will never be even for small market teams competing against these juggernaut franchises.
“Talk about 16.9x your (money),” marveled one fan. “That’s insanity… need more teams in the league to control this huge value disparity…Incentivize competition and create anti tank rules! Rich and big markets keep giving to everyone…”
Sale of Boston Celtics Exceeds Record $6.05B Sale Of Washington Commanders
More tempered fans understand that prices of pro franchises have been exploding for a few decades now as sports in general has become one of the most lucrative and money-generating businesses in America, where rags to riches stories are common. Grousbeck is a genius for selling now, but the market price of the team was already established.
If the Washington Commanders could make $6.05 billion in the sale of the franchise, then you had to think the Celtics could top that. If the Knicks ever sell, you’ll really see something. The ROI on the sale of the Boston Celtics is 1,594.44%.
“I mean I’d be more surprised if he didn’t make a huge ROI lmfao it’s a sports team in the early 2000s they’re all going up in value every year since then,” said one X fan.
