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The Boston Celtics made history Thursday, reportedly selling for a record $6.1 billion to an investment group led by Symphony Technology Group co-founder Bill Chisholm. The figure set a new record for the largest sale of a North American sports franchise, topping the Washington Commanders' $6.05 billion sale to Josh Harris.
Unlike Harris, who was known for his ownership of the Philadelphia 76ers and New Jersey Devils before getting involved in the bidding for the Commanders, Chisholm is a relative unknown with no previous experience in sports.
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With Chisholm set to own arguably the most prestigious NBA franchise of all-time, here's what fans need to know about the man buying the Celtics.
Chisholm, who grew up in Georgetown, Mass., is reportedly "a lifelong Celtics fan with an 'encyclopedic knowledge' of the team,'" a source told the Boston Globe. In a statement Thursday, Chisholm referred to himself as a "die-hard Celtics fan," and said he is up for the challenge of leading the franchise.
Chisholm remained in the Northeast for college, getting his bachelor's degree at Dartmouth in New Hampshire, and received an MBA with distinction from The Wharton School in Pennsylvania.
Chisholm owns a home on Nantucket, an island in Massachusetts, but will reportedly purchase property in Boston now that his bid to buy the franchise was accepted, per the Globe.
Chisholm is the co-founder of Symphony Technology Group, a private equity firm that manages "data, software and analytics ventures," per its website. Chisholm currently serves as the company's managing partner and chief investment officer. Symphony Technology Group reportedly owns assets worth roughly $10 billion as of March 2023, according to Sportico.
Prior to that, Chisholm worked for The Valent Group, a risk-management company. He also spent time at Bain & Company, which works in consulting; and PaineWebber, Inc., a bank and stock brokerage firm.
With the sale announced, Chisholm will need to be approved by the NBA’s Board of Governors before he can buy the franchise. Once that happens, Chisholm should own the team as soon as the deal goes through. He won't immediately take over as the team's CEO and governor, however.
Wyc Grousbeck, the Celtics' current majority owner, will remain in those roles through the 2027-28 NBA season. At that point, Grousbeck will stay with the team as a partner to Chisholm. Grousbeck called Chisholm "a terrific person and a true Celtics fan," in a statement Thursday.
While Chisholm is the face of the Celtics' new ownership group, he isn't the only person involved in the $6.1 billion offer. Rob Hale, a current minority owner of the Celtics, is also a prominent member of Chisholm's group. Hale is the founder and CEO of Granite Telecommunications. Hale's net worth is $5.8 billion, per Forbes.
Bruce A. Beal, Jr., president of Related Companies, a real-estate developer, is also involved with the group. As is Sixth Street, a global investment firm that was mentioned by name in the statement announcing the sale Thursday.
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Unlike Harris, who was known for his ownership of the Philadelphia 76ers and New Jersey Devils before getting involved in the bidding for the Commanders, Chisholm is a relative unknown with no previous experience in sports.
[Yahoo Fantasy Bracket Mayhem is back: Enter for a shot to win up to $50K]
With Chisholm set to own arguably the most prestigious NBA franchise of all-time, here's what fans need to know about the man buying the Celtics.
Bill Chisholm is a lifelong Celtics fan
Chisholm, who grew up in Georgetown, Mass., is reportedly "a lifelong Celtics fan with an 'encyclopedic knowledge' of the team,'" a source told the Boston Globe. In a statement Thursday, Chisholm referred to himself as a "die-hard Celtics fan," and said he is up for the challenge of leading the franchise.
Chisholm remained in the Northeast for college, getting his bachelor's degree at Dartmouth in New Hampshire, and received an MBA with distinction from The Wharton School in Pennsylvania.
Chisholm owns a home on Nantucket, an island in Massachusetts, but will reportedly purchase property in Boston now that his bid to buy the franchise was accepted, per the Globe.
How did Bill Chisholm make his money?
Chisholm is the co-founder of Symphony Technology Group, a private equity firm that manages "data, software and analytics ventures," per its website. Chisholm currently serves as the company's managing partner and chief investment officer. Symphony Technology Group reportedly owns assets worth roughly $10 billion as of March 2023, according to Sportico.
Prior to that, Chisholm worked for The Valent Group, a risk-management company. He also spent time at Bain & Company, which works in consulting; and PaineWebber, Inc., a bank and stock brokerage firm.
When will Bill Chisholm take over the Celtics?
With the sale announced, Chisholm will need to be approved by the NBA’s Board of Governors before he can buy the franchise. Once that happens, Chisholm should own the team as soon as the deal goes through. He won't immediately take over as the team's CEO and governor, however.
Wyc Grousbeck, the Celtics' current majority owner, will remain in those roles through the 2027-28 NBA season. At that point, Grousbeck will stay with the team as a partner to Chisholm. Grousbeck called Chisholm "a terrific person and a true Celtics fan," in a statement Thursday.
Who else is part of Bill Chisholm's Celtics ownership group?
While Chisholm is the face of the Celtics' new ownership group, he isn't the only person involved in the $6.1 billion offer. Rob Hale, a current minority owner of the Celtics, is also a prominent member of Chisholm's group. Hale is the founder and CEO of Granite Telecommunications. Hale's net worth is $5.8 billion, per Forbes.
Bruce A. Beal, Jr., president of Related Companies, a real-estate developer, is also involved with the group. As is Sixth Street, a global investment firm that was mentioned by name in the statement announcing the sale Thursday.
Continue reading...
