NBA Board of Governors Approves Boston Celtics Sale

The NBA Board of Governors has unanimously approved the USD6.1 billion (AUD9.3 billion) sale of the Boston Celtics, confirming one of the largest franchise transactions in professional sport.

The deal, first announced in March, is expected to close within days. Bill Chisholm will assume the role of lead governor, replacing Wyc Grousbeck, who will stay on as alternate governor and CEO until 2028.

The transaction initially set a record as the largest in global sport, before the Los Angeles Lakers surpassed it with a USD10 billion sale.

Deal Structure and Investor Group

The Celtics sale attracted scrutiny over reports that private equity firm Sixth Street Partners was contributing a larger stake than Chisholm. NBA rules require the lead owner to invest at least 15% of the purchase price and prohibit a private equity firm from being the majority shareholder.

Chisholm addressed these concerns earlier this year, securing the necessary funding by May. ArcelorMittal CEO Lakshmi Mittal is contributing USD1 billion (AUD1.5 billion), alongside Sixth Street, existing minority owner Robert Hale Jr., and Bruce A. Beal Jr., president of Related Companies.

Extended Closing Period

The sale process has taken about five months — considerably longer than recent NBA transactions, such as the Mavericks, Hornets, and Suns, which finalised in under six weeks. The extended timeline fuelled speculation of structural and funding challenges before final approval.

Leadership Transition

Chisholm, a relatively low-profile figure prior to this acquisition, is purchasing the team in his personal capacity rather than through his firm, Symphony Technology Group. His arrival marks a significant leadership change for one of the NBA’s most storied franchises, with Grousbeck stepping back after more than two decades at the helm.

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