Boston Celtics owner Bill Chisholm won control of the franchise by outbidding second place by less than $100 million in a blind auction last March. Chisholm’s $6.1 billion valuation set a record for an NBA control purchase and a sale of North American professional sports franchises.
The lifelong Celtics fan pegged his chances at just one percent when he started pursuing the team. Chisholm paced the conference room of his Menlo Park office, waiting for the call from sales consultant Frank Ghali who would determine whether his bid was successful.
“It’s unlike any other investment,” Chisholm said. “Truly once in a lifetime.”
Four groups advanced to the final round of bidding in March, including Chisholm, existing minority owner Stephen Pagliuca, Phillies minority owner Stan Middleman and the Friedkin Group. The second bidder, probably Middleman, offered more than $6 billion. Pagliuca’s offer came in at $5.5 billion, according to multiple sources briefed on the negotiations.
The sale attracted widespread attention as the first NBA franchise to hit the market after the league signed its 11-year, $76 billion media rights deal. Boston also defended its 18th championship when controlling owner Wyc Grousbeck announced the sale in July 2024.
Chisholm assembled an investor group that included minority investors Rob Hale and Bruce Beal Jr. Private equity firm Sixth Street invested approximately $600 million for a 10 percent stake without board rights. The company owns preferred shares that guarantee a return of 8 percent, linked to the increase in the value of the franchise.
Some investors who originally joined Pagliuca’s group joined Chisholm after he won. Deputy Governor Aditya Mittal, who comes from one of the richest families in the world, is among the members of the ownership group.
“They just wanted to be there,” Chisholm said. “And I think everyone kind of assumed Pags would win, so they just chose Pags.”
Wyc Grousbeck retained an ownership stake as deputy governor after his stake fell below the NBA’s minimum 15 percent threshold for chief governor. The NBA approved the deal in August. Grousbeck did not want to sell his family’s stake in the franchise, but was overruled by his siblings and ultimately supported his father Irv Grousbeck’s decision.
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