The Boston Celtics, the reigning NBA champions, are set to be sold in a record-breaking $6.1 billion deal, marking the largest sale ever for a North American sports franchise.
ESPN reports that a group led by William Chisholm, managing partner at Symphony Technology Group, has agreed to buy the NBA team in two stages, fulfilling the stated goal of the current Celtics‘ ownership, spearheaded by the Grousbeck family. The monumental deal outshines the previous record held by the Phoenix Suns, which was valued at $4 billion when Mat Ishbia purchased the team in February 2023.
It also surpasses the NFL‘s Washington Commanders, which were sold for $6.05bn in 2023.
Celtics Investors were notified of the agreed sale on Thursday via a letter from Irving and Wyc Grousbeck, with the latter set to remain as the franchise’s governor through the 2027-28 season. The decision to sell the Celtics was announced in the summer of 2024, following the franchise’s NBA championship win last season and after 22 years of ownership since their purchase in 2002 for $360 million.
Chisholm is poised to inherit a talented roster, which ended a 16-year championship drought last year with a decisive victory over the Dallas Mavericks in a five-game Finals series. Led by Jayson Tatum, the team is well-positioned for another playoff run in the 2024/25 season, potentially leading to another championship, as the Celtics are considered one of the strongest teams across both conferences.
The Celtics are currently sitting pretty in second place in the Eastern Conference, trailing behind the Cleveland Cavaliers with a 50-19 overall record. They’re riding high on a three-game winning streak as they gear up for Friday’s trip to Utah to face off against the Jazz.
(Image: Getty)
However, it’s not all smooth sailing for Chisholm, who has some significant off-court challenges to tackle. The Celtics were slapped with a hefty tax bill just north of $50 million this season due to their expensive roster.
Next season could see the Celtics’ bill skyrocket by at least $100 million, leaving Chisholm with some serious cost-cutting decisions to make. Tatum and Jaylen Brown are among the top earners for the Celtics, taking up a large chunk of the salary cap. Together, they’ll be pocketing a combined $107.2 million next season, a figure set to increase to $132 million by 2028.
This might force the ownership to consider whether Tatum and Brown are financially sustainable in the long run or if they need to offload high-paid players like Jrue Holiday.
The Celtics’ projected payroll and tax penalties could see them boast the NBA’s first-ever $500 million roster next season.
- Source: NEWHD MEDIA
