NBA signs off on record-setting sale of Celtics

BOSTON -- The NBA board of governors on Wednesday unanimously approved the sale of the Boston Celtics to a group led by private equity mogul Bill Chisholm, a deal that values the franchise at $6.1 billion.

The league said the transaction was expected to close shortly. When it does, Chisholm will take ownership of at least 51% of the team, with full control coming by 2028 at a price that could bring the total value to $7.3 billion.

It is the largest price ever paid for an American professional sports team, although Los Angeles Dodgers owner Mark Walter has agreed to buy a controlling share of the Lakers in a deal that would put the value of the entire franchise at $10 billion. It's not clear how much Walter would own; current owner Jeanie Buss is expected to retain at least 15% of the team.

The previous record for a U.S. sports franchise was the $6.05 billion paid for the NFL's Washington Commanders in 2023. The record price for an NBA team was the $4 billion Mat Ishbia, a mortgage firm owner, paid for the Phoenix Suns in 2023.

A Massachusetts native and graduate of Dartmouth College and Penn's Wharton School of business, Chisholm is the managing partner of California-based Symphony Technology Group. The new ownership group also includes Boston businessmen Rob Hale, who is a current Celtics shareholder, and Bruce Beal Jr.

Wyc Grousbeck led the ownership group that bought the team in 2002 for $360 million and presided over NBA championships in 2008 and 2024. The franchise's 18 NBA titles are a league record.

Chisholm outbid at least two other groups, one led by previous Celtics minority partner Steve Pagliuca. Pagliuca has since announced plans to buy the WNBA's Connecticut Sun for $325 million and move the team to Boston, but the sale and potential relocation are subject to approval by the WNBA board of governors.

The Associated Press contributed to this report.