Boston Celtics owner Bill Chisholm won control of the franchise by outbidding the second-place suitor by less than $100 million in a blind auction last March. Chisholm’s $6.1 billion valuation set a record for an NBA control purchase and North American professional sports franchise sale.
The lifelong Celtics fan estimated his chances at just one percent when he began pursuing the team. Chisholm paced his Menlo Park office conference room awaiting the call from sale advisor Frank Ghali that would determine if his bid was successful.
“It’s unlike any other investment or anything really,” Chisholm said. “Truly once in a lifetime thing.”
Four groups advanced to the final round of bidding in March, including Chisholm, existing minority owner Stephen Pagliuca, Phillies minority owner Stan Middleman and the Friedkin Group. The second-place bidder, believed to be Middleman, offered more than $6 billion. Pagliuca’s bid came in at $5.5 billion, according to multiple sources briefed on the negotiations.
The sale attracted significant attention as the first NBA franchise to hit the market after the league signed its 11-year, $76 billion media rights deal. Boston was also defending its 18th championship when controlling owner Wyc Grousbeck announced the sale in July 2024.
Chisholm assembled an investor group that included minority investors Rob Hale and Bruce Beal Jr. Private equity firm Sixth Street invested approximately $600 million for a 10 percent stake with no governance rights. The firm holds preferred equity guaranteeing an 8 percent return tied to the franchise’s value appreciation.
Some investors originally aligned with Pagliuca’s group joined Chisholm after he won. Alternate governor Aditya Mittal, from one of the world’s wealthiest families, is among the ownership group members.
“They just wanted to be in the thing,” Chisholm said. “And I think everyone sort of assumed Pags was going to win, so they just aligned with Pags.”
Wyc Grousbeck maintained an ownership stake as alternate governor after his share fell below the NBA’s 15 percent minimum threshold for lead governor. The NBA approved the deal in August. Grousbeck didn’t want to sell his family’s stake in the franchise, but was overruled by his siblings and eventually supported his father Irv Grousbeck’s decision.