Celtics Sale Unanimously Approved By NBA Board Of Governors

The NBA officially has signed off on the $6.1 billion sale of the Boston Celtics to Bill Chisholm and his partners.

The league announced Wednesday that its Board of Governors “unanimously approved the sale of the controlling interests in the Boston Celtics to an investor group led by Bill Chisholm.”

“The transaction is expected to close shortly,” an NBA spokesperson said in a statement.

Bill Chisholm Will Own At Least 51% Of Celtics

According to ESPN’s report, Chisholm will take ownership of at least 51% of the Celtics, with full control taking place by 2028 at a price that could raise the total value to $7.3 billion.

The approval came one day after ESPN’s Shams Charania and Romana Shelburne reported that Wyc Grousbeck would no longer stay on as governor as part of the Celtics’ sale to Chisholm.

The change in structure was due to league rules, including minimum ownership, per Charania and Shelburne. Chisholm will immediately take over as team governor upon completion of the sale.

“Grousbeck will end up owning slightly less than the required 15% given final funding for the transaction. Operations of the team should remain consistent, with Brad Stevens and Rich Gotham continuing to run basketball and business operations, respectively,” wrote the ESPN duo.

Wyc Grousbeck To Retain Title As CEO, Become Alternate Governor

The NBA doesn’t allow a person to act as governor if they don’t own at least 15% of the team. For a valuable sports franchise like the Celtics, that would require a $915 million investment, per Gio Rivera of NESN.

Grousbeck initially said while agreeing to sell the Celtics this spring that he planned to remain in control of the team through the 2028 season. He will now retain his title as CEO and become an alternate governor.

The Celtics’ new ownership group includes current minority owner Robert Hale, Related Companies president Bruce A. Beal, Jr., and private equity firm Sixth Street Partners and Indian steel CEO Aditya Mittal.

Chisholm outbid multiple groups, including 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 relocation are subject to approval by the WNBA Board of Governors.