Topline
A group led by investor Bill Chisholm and the private equity firm Sixth Street reached an agreement on Thursday to buy the NBA’s Boston Celtics at a $6.1 billion valuation, a deal that would mark the largest-ever sale for an American sports franchise—a massive price tag after the team’s outgoing owner acknowledged last year it was “losing money.”
The sale is the largest for a sports franchise in the U.S., following a $6 billion deal for the … More
Key Facts
Chisholm, a managing partner at Symphony Technology Group, and Sixth Street reached an agreement to buy most of the Celtics from a group led by father and son Irving and Wyc Grousbeck over two stages, the Grousbeck-led group announced.
The deal includes backing from billionaire Robert Hale—who holds a minority stake in the Celtics—and Bruce Beal Jr., president of the real estate firm Related Companies.
Under the deal, Wyc Grousbeck will remain the Celtic’s governor through the 2027-2028 NBA season.
Forbes ranked the Celtics as the fourth-most valuable NBA franchise in 2024, with an estimated valuation of about $6 billion.
The price tag for the Celtics eclipses a record set by private equity billionaire Josh Harris, who purchased the NFL’s Washington Commanders in a $6.05 billion deal in April 2023, with backing from billionaire Mitchell Rales and former NBA star Magic Johnson.
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Top 10 Largest U.s. Sports Franchise Sales
- Boston Celtics, $6.1 billion (2025)
- Washington Commanders, $6.05 billion (2023)
- Denver Broncos, $4.65 billion (2022)
- Phoenix Suns, $4 billion (2023)
- New York Mets, $2.4 billion (2020)
- Brooklyn Nets, $2.35 billion (2019)
- Carolina Panthers, $2.3 billion (2018)
- Houston Rockets, $2.2 billion (2017)
- Los Angeles Dodgers, $2.15 billion (2012)
- Los Angeles Clippers, $2 billion (2014)
Forbes Valuation
The Grousbeck family is worth an estimated $2.2 billion. Irving Grousbeck co-founded the cable television system operator Continental Cablevision in 1963, later merging the business with US West in 1996. Hale, founder of the telecommunications firm Granite Telecommunications, has a fortune of about $5.8 billion, according to Forbes’ estimates.
Crucial Quote
Steve Pagliuca, who co-owned the Celtics with the Grousbecks, said in a statement Thursday he “worked tirelessly to put together a strong bid” to buy the team with other stakeholders. Pagliuca said his group made an offer at a “record price” and added they were “saddened to find out that we have not been selected in the process.”
Tangent
The price tags for sports franchises in the U.S. have sharply increased over the last two decades—especially in recent years. The Grousbeck-led group purchased the Celtics for $360 million in 2002, representing a massive increase in the team’s valuation over the last 23 years, and the Celtics’ sale is about $2.1 billion more than what billionaire Mat Ishbia paid to buy the Phoenix Suns in February 2023 in a then-NBA record $4 billion deal. That sale preceded two other deals in 2023, including separate $3.5 billion deals for the Milwaukee Bucks and the Dallas Mavericks. By comparison, the Bucks sold to their previous owners for $550 million in 2014, and the Mavericks’ former owner Mark Cuban bought the team for $285 million in 2000. Meanwhile, in the NFL, Harris purchased the Commanders from Dan Snyder, who acquired the team in a then-record $800 million sale in 1999. Before the Commanders deal, the Denver Broncos sold for a record $4.65 billion in 2022, beating out another record set by the Carolina Panthers, which sold for $2.3 billion in 2018.
Surprising Fact
The Celtics don’t own their home arena, the TD Garden, requiring the franchise to lease from Delaware North, which operates the stadium and owns the Boston Bruins. The Celtics also miss out on revenue from concessions, signage rights and other events, like concerts, according to The Boston Globe.
Key Background
The Grousbeck-led Boston Basketball Partners announced in July 2024 the team was looking to sell the Celtics, shortly after the franchise won its first NBA Championship since 2008. The decision was brought on by “estate and family planning considerations” of the Grousbeck family, which took over the franchise in 2002. The Celtics made it to the playoffs 19 times and won two championships during Boston Basketball Partners’ tenure, though the franchise has signed high-dollar player contracts in recent years that have made them one of the highest-payroll teams in sports. Jaylen Brown signed a 5-year, $303.7 million contract extension in 2023, and Jayson Tatum reportedly agreed to a $315 million deal. Wyc Grousbeck told The Boston Globe last year the franchise was “losing money,” though he claimed he was “unconcerned” as the ownership group was focused on “winning championships … so we will be paid in enjoyment.”
Further Reading
Boston Celtics Owners Planning Sale Of NBA’s 4th-Most Valuable Team (Forbes)
Billionaire Josh Harris Buying Washington Commanders For Record $ Billion, Reports Say (Forbes)
