The Boston Celtics basketball team is being sold to Bill Chisholm for $6.1 billion. While the deal is still pending NBA Board of Governors approval, this move has many basketball fans surprised.
Boston Celtics Sold for $6.1 Billion
Chisholm is a co-founder of Symphony Technology Group, a private equity firm based in Silicon Valley. Chisholm is a native of Boston and is expecting to take leadership in the organization when the deal goes through. He explained “growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life.” He said that he understands “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.”
$6 billion is quite a bit for a sports team. In fact, this deal is reported to be the largest deal for a sports franchise in North America. The team is currently owned by the Grousbeck family, but are selling the team after the Celtics recent NBA championship. While there likely is some sadness from the Grousbeck family, they seem eager for Chisholm to get involved. Wyc Grousbeck, the majority owner of the Boston Celtics, bought the team for $360 million in 2002. Grousbeck said “I know [Chisholm] appreciates the importance of the Celtics and burns with a passion to win on the court while being totally committed to the community.
Winners and Losers
However, there are some who aren’t super ecstatic about the deal. The current Boston Celtics co-owner Steve Pagliuca was a potential buyer for the team. He made a large bit, but was not able to acquire the team. Pagluica said “We made a fully guaranteed and financed offer at a record price, befitting the best sports fans in the world, and with all the capital coming from individuals who are fully committed to winning on and off the court.” He added that “We have felt it was the best offer for the Celtics. It is a bid of true fans, deeply connected to Boston’s community, and we’ve been saddened to find out that we have not been selected in the process.” However, the deal may fall through. If it does, Pagliuca is”ready to check back into the game and bring it home.”
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