The Boston Celtics’ expected new ownership group appears to have cleared a major roadblock.
Ben Horney of Front Office Sports reported this week that billionaire William Chisholm, the lead buyer of the group that had agreed to purchase the Celtics from longtime owner Wyc Grousbeck, has secured the necessary funding to finalize the deal. As a result, the sale of the Celtics is expected to be completed in the next week or so.
The group led by Chisholm, a managing partner at private equity firm Symphony Technology Group, agreed in principle back in March to purchase the Celtics at a record-shattering valuation. Grousbeck, who has owned the team since 2002, officially put the Celtics up for sale last summer after they won the NBA championship.
Several weeks ago though, we heard that the Celtics deal had hit a major snag. That was because the deal, as it was then structured, was set to include an investment of over $1 billion from private equity firm Sixth Street. NBA rules stipulate that a controlling owner must contribute at least 15 percent of the purchase price as well as a larger stake than any private equity firm contributes. As such, Chisholm (at that point) still needed to secure the individual funding in order to push the sale over the finish line.
Chisholm has now reportedly done so though and is even “oversubscribed” on that front, the report from Horney adds. Now the next step (after the sale is finalized) is for NBA owners to formally vote on the deal, which is expected to take place at some point in June.
Grousbeck, per the reported terms of the deal, is still expected to retain his titles as CEO and governor of the Celtics through the 2027-28 season (even as Chisholm becomes the controlling owner). As for the Celtics themselves, they are still alive in their pursuit to defend their 2024 title and are now set to face the New York Knicks in the second round of the Eastern Conference playoffs.
