Reuters
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A bunch headed by Bill Chisholm is ready to take management of the Boston Celtics after the NBA Board of Governors unanimously authorized the sale on Wednesday.
The NBA wrote in a press release, “The transaction is expected to close shortly.”
The reported $6.1 billion valuation for the membership makes it the second-largest sale value for a US sports activities franchise, behind the $10 billion valuation for the Los Angeles Lakers when Mark Walter bought that group in June.
Chisholm and his companions are shopping for not less than 51 % of the Celtics. The possession stake will improve in 2028, in accordance to the acquisition contract, when Chisholm’s group is scheduled to purchase out the remaining minority shareholders at a $7.3 billion valuation.
According to a number of media stories, Chisholm will take over because the Celtics’ governor when the sale goes via. Outgoing proprietor Wyc Grousbeck is anticipated to function alternate governor and stay the CEO via 2028. Grousbeck will cede his function when he not has the required possession stake of not less than 15 %.
Chisholm, the co-founder and managing companion of the California-based non-public fairness agency STG Partners, is a Massachusetts native and longtime Celtics fan.
Grousbeck and the outgoing possession group Boston Basketball Partners LLC bought the Celtics for $360 million in 2002. During that group’s tenure, the membership gained NBA titles in 2007-08 and 2023-24 – the latter representing Boston’s league-record 18th championship.