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The sale of the Celtics to an investor group led by William Chisholm has received unanimous approval from the NBA\u2019s Board of Governors, the league announced.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n
The results of the vote were never really in doubt, but it\u2019s significant that there was no opposition to Chisholm\u2019s purchase. The league states that the deal is expected to be finalized soon.<\/p>\n
Chisholm, a Massachusetts native and lifelong Celtics fan, reached a tentative agreement<\/a> in March to purchase the franchise for $6.1 billion, 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 $10 billion.<\/p>\n Chisholm submitted the highest offer among four groups<\/a> that were bidding for the team. According to Brian Robb of MassLive<\/a>, his other stakeholders include Aditya Mittal, Robert Hale and Bruce A. Beal Jr., along with Sixth Street, a private investment firm.<\/p>\n Chisholm\u2019s group will obtain a 51% stake in the team from the Grousbeck family in the first phase of the sale and will purchase the remaining shares in 2028.<\/p>\n When the sale was first announced, Wyc Grousbeck intended to remain in his role as the team\u2019s governor through the 2027-28 season. However, in a surprising twist, a report<\/a> on Tuesday indicates that\u2019s no longer possible because Grousbeck will control less than the 15% minimum stake that the NBA requires for the person who holds that position.<\/p>\n 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.<\/p>\n Chisholm will take over the Celtics during a time of transition after years of being one of the NBA\u2019s elite teams. Jayson Tatum\u2018s Achilles injury coupled with a second-round playoff exit have placed an emphasis on cost-cutting measures to lower the team\u2019s tax bill and escape second-apron restrictions. Jrue Holiday, Kristaps Porzingis and Luke Kornet are already gone from last year\u2019s roster, and more money-saving moves may take place before the new season begins.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n