Impending Celtics owner William Chisholm has finalized his new ownership group and has obtained the necessary funds to purchase the team, according to a letter sent to existing shareholders that was obtained by Adam Himmselsbach of The Boston Globe.
The letter confirms much of what was reported a couple weeks ago by Front Office Sports, including that Chisholm had secured enough capital to complete the sale; the buyers will acquire approximately 51% of the franchise this summer at a valuation of $6.1 billion in the first of two transactions; the second transaction will occur in 2028 at a $7.3 billion valuation; and current owner Wyc Grousbeck will continue as CEO and governor through the 2027/28 season.
As Himmelsbach notes, the sale will not become official until it’s approved by the NBA’s Board of Governors in June or July, though that’s viewed as a formality. Chisholm’s exact stake has yet to be clarified, Himmelsbach adds, but he’s required to control at least 15% to be the majority owner.
Chisholm’s winning bid for the Celtics was not fully financed at the time the agreement was reached in March, but obviously that has changed over the past couple months. That also isn’t unusual for such a massive transaction, Himmelsbach writes.
According the letter, current minority owners who are not joining Chisholm’s group will be required to sell 50% “plus one unit” of their interest in the Celtics while deferring the rest until the second transaction in 2028. They also have the option of selling their all of their shares this summer, according to Himmselbach, who reports that those stakeholders have until May 28 to inform Chisolm’s group of their decision.
Can someone explain how this process is different than how the wolves sale was planned? I thought the NBA didn’t want this kind of sale anymore – where the purchase takes place in multiple steps and the governor remains in place
Talk about selling at the right time. Won a championship and then your best player is out for an entire year.