Aditya Mittal is expected to be the second-largest stakeholder of the Celtics once the sale of the team to William Chisholm‘s group is completed, according to Scott Soshnick, Kurt Badenhausen, and Eben Novy-Williams of Sportico, who say Mittal could also become the team’s alternate governor in the future.
Mittal, the CEO of the steel giant ArcelorMittal and a member of one of India’s richest families, is investing roughly $1 billion in the Celtics, per Sportico.
Chisholm reached an agreement in March with the current Celtics ownership group to buy the team in two stages — his group is expected to assume 51% control of the organization this year and then buy out the remaining shares in 2028, with current governor Wyc Grousbeck remaining in that position for a few more years.
However, reporting in the wake of that agreement indicated that Chisholm’s bid – which initially valued the franchise at $6.1 billion (the valuation will reportedly increase to $7.3 billion for the second part of the sale) – was not yet fully financed. Subsequent reports have suggested that Chisholm’s bid is now fully financed and the sale is expected to close in the near future. Mittal’s investment helped close the funding gap, according to Sportico.
As Soshnick, Badenhausen, and Novy-Williams outline, Mittal is the son of Lakshmi Mittal, a Goldman Sachs board member since 2008 who is worth $23.9 billion, per Bloomberg. Goldman Sachs has served as the financial advisor for Chisholm’s group during the sale process.
In addition to Chisholm and Mittal, the new Celtics ownership group will include current minority stakeholder Robert Hale, Bruce A. Beal Jr., and private equity firm Sixth Street, as previously reported.
According to Sportico, Sixth Street is expected to own roughly 12.5% of the team once the sale is finalized. Earlier in the process, there were concerns about Sixth Street having committed more money to the bid than Chisholm, which wouldn’t be permitted, but that will no longer be the case once the deal is finalized. The majority stakeholder in an NBA franchise – Chisholm, in this case – must control at least 15% of the team.