Thirteen months after the Groubeck family announced its plan to sell the Boston Celtics, that transaction is now complete.
The Celtics announced Tuesday that Bill Chisholm’s investment group “has completed the acquisition of a majority control position” of the iconic NBA franchise after receiving unanimous approval from the NBA’s Board of Governors last week.
Chisholm, whose group had its $6.1 billion offer for the Celtics accepted in March, will serve as the team’s governor, effective immediately.
“This truly is a dream come true for me and my family,” Chisholm, who was raised in Georgetown, Mass., and attended Dartmouth College, said in a statement. “I feel so fortunate to be here as part of this new investor group, who are accomplished, driven people who care deeply about the Celtics and the Boston community. On behalf of our group, I am thrilled to partner with Wyc (Grousbeck), Brad Stevens and Rich Gotham to move this outstanding organization forward. We are committed to building on the legacy of the Celtics and raising banners, and I can’t wait for the team to get back out there this fall.”
Tuesday’s announcement also detailed the ownership structure beneath Chisholm. Grousbeck, who initially was slated to serve as team governor for an additional three seasons, will be one of two alternate governors along with Aditya Mittal. Mittal, the 49-year-old CEO of steel manufacturing corporation ArcelorMittal, reportedly contributed $1 billion to join Chisholm’s collective.
Grousbeck, the face of the Celtics’ previous ownership group since it bought the franchise in 2002, “will be a co-owner and CEO, running day-to-day operations with Chisholm and the existing basketball and business management teams,” according to the team.
“The Celtics have been my life’s work for the past 23 years,” Grousbeck said in a statement.”This incredible ride is now continuing. I am fired up to be shoulder to shoulder with Bill as we pull every lever to go after another banner. There is nothing better than winning.”
Other Celtics co-owners, who will serve on the team’s Managing Board, include Bruce Beal, Andrew Bialecki, Dom Ferrante, Rob Hale, Mario Ho and Ian Loring. Hale, like Grousbeck, is a holdover from the previous ownership regime.
Chisholm thanked outgoing minority owner Steve Pagliuca, who made an unsuccessful bid to buy the Celtics before the team was sold to Chisholm.
“I specifically want to thank Wyc, Steve Pagliuca and their group for their stewardship of the Celtics for the past 23 years; as a fan, I am so grateful for what they have done for the Celtics and the community,” Chisholm said.
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