The sale of the Celtics to an investor group led by William Chisholm has received unanimous approval from the NBA’s Board of Governors, the league announced (via Twitter).
The results of the vote were never really in doubt, but it’s significant that there was no opposition to Chisholm’s purchase. The league states that the deal is expected to be finalized soon.
Chisholm, a Massachusetts native and lifelong Celtics fan, reached a tentative agreement in March to purchase the franchise for a $6.1 billion valuation, which set a record at the time as the largest amount ever paid for a North American sports team. That number has since been exceeded by the sale of the Lakers for a $10 billion valuation.
Chisholm submitted the highest offer among four groups that were bidding for the team. According to Brian Robb of MassLive, his other stakeholders include Aditya Mittal, Robert Hale and Bruce A. Beal Jr., along with Sixth Street, a private investment firm.
When the sale was first announced, Wyc Grousbeck intended to remain in his role as the team’s governor through the 2027/28 season. However, a report on Tuesday indicates that’s no longer possible because Grousbeck will control less than the 15% minimum stake that the NBA requires for the person who holds that position.
Instead, Chisholm will become lead governor as soon as the sale is official with Grousbeck serving as alternate governor and CEO through the 2027/28 season. Chisholm is buying majority control of the franchise now and will purchase control of the rest of the team in 2028 at a reported valuation of $7.3 billion.
Chisholm will take over the Celtics during a time of transition after years of being one of the NBA’s elite teams. Jayson Tatum‘s Achilles injury coupled with a second-round playoff exit have placed an emphasis on cost-cutting measures to lower the team’s tax bill and escape second apron restrictions. Jrue Holiday, Kristaps Porzingis and Luke Kornet are already gone from last year’s roster, and more money-saving moves may take place before the new season begins.