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A consortium led by personal fairness investor William Chisholm has agreed to take a majority stake within the Boston Celtics basketball franchise at a $6.1bn valuation, making it the costliest US sport staff ever offered.
The deal, which tops the $6.05bn valuation buyout tycoon Josh Harris paid in 2023 for the Washington Commanders franchise within the Nationwide Soccer League, may improve over the following three years below the phrases of the transaction, stated individuals briefed on the matter.
The Celtics are one of many best-known manufacturers in sport. The staff, which options a number of younger star gamers, together with Jayson Tatum and Jaylen Brown, received a record-breaking 18th NBA Championship final yr, nudging one forward of their longtime rivals, the Los Angeles Lakers.
Chisholm, co-founder of personal fairness agency STG, has described himself as a “diehard” Celtics fan. He stated on Thursday that the “position the staff performs locally is completely different than another metropolis” within the US.
“I additionally perceive that there’s a duty as a frontrunner of the organisation to the individuals of Boston, and I’m up for this problem,” he added.
Sixth Road, the personal fairness agency led by former Goldman Sachs companion Alan Waxman, is among the many members of Chisholm’s consortium.
The Celtics are the most recent in plenty of sports activities offers for Sixth Road, which is already an investor in rival NBA franchise, the San Antonio Spurs.
Earlier this week, Sixth Road agreed to purchase into the San Francisco Giants baseball staff. Two individuals with data of the matter stated Sixth Road purchased a roughly 10 per cent stake. A kind of individuals stated the deal valued the Giants at roughly $3bn.
Sixth Road has additionally invested in Spanish soccer membership FC Barcelona’s broadcast rights and has a partnership with rivals Actual Madrid. Its portfolio additionally contains US girls’s soccer staff Bay FC.
Bruce Beal, president of actual property developer Associated Firms, and current Celtics backer Rob Hale are additionally a part of the Chisholm’s consortium.
Boston Basketball Companions, which is led by Wyc Grousbeck, put the staff up on the market final yr. The group purchased the Celtics for $360mn in 2002.
Grousbeck stated that Chisholm was “a pure option to be the following governor and controlling proprietor” of the Celtics.
“Fairly merely, he desires to be an amazing proprietor. He has requested me to run the staff as CEO and governor for the primary three years, and keep on as his companion, and I’m glad to take action,” Grousbeck stated.
Stephen Pagliuca, an current Celtics co-owner and rival bidder, stated in an announcement that he was “saddened” his group’s bid was not chosen.
“I’ll by no means cease being a Celtic, and if the introduced transaction doesn’t find yourself being finalised, my companions and I are able to verify again into the sport and produce it house,” he stated.
The deal is topic to approval by the Nationwide Basketball Affiliation.
Extra reporting by Benjamin Wilhelm
