Celtics Sale to Bill Chisholm Unanimously Approved By NBA Board of Governors
The NBA announced Wednesday that its board of governors has unanimously approved the sale of the Boston Celtics to Bill Chisholm and his investor group.
In March, Chisholm and a group including Rob Hale and Bruce Beal Jr. agreed to purchase the organization for $6.1 billion, at the time the record for the most lucrative sale of a North American sports franchise (the Buss family agreeing to sell its majority stake to Mark Walter for $10 billion has since smashed that mark).
Before the Celtics and Lakers sales, Mat Ishbia's $4 billion purchase of the Phoenix Suns was the highest price paid for an organization in NBA history.
Boston's previous ownership group—the Boston Basketball Partners, led by Wyc Grousbeck and Steve Pagliuca—purchased the Celtics in 2002. Grousbeck was initially asked to remain as the team's CEO and governor for the next three seasons, though ESPN's Shams Charania and Ramona Shelburne reported earlier this week that he wouldn't remain as team governor since he will own less than a 15 percent share following the sale.
He will retain the CEO title and be an alternate governor, however, and Chisholm and Grousbeck will run the team in tandem as originally planned. Brad Stevens will continue running basketball operations, while Rich Gotham will spearhead business operations.
"This process to buy the team started just under 50 years ago when I had my seventh birthday and attended a game at the old Boston Garden," Chisholm told Charania in March. "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."
That process officially began on Wednesday.
