NBA: Sixth Street backing $6.1bn Chisholm bid for Boston Celtics
Private equity firm Sixth Street is reportedly part of William Chisholm’s $6.1bn takeover bid of NBA team Boston Celtics, in what would be a North American franchise record.
The deal, if successful, would surpass the $6.05bn takeover of the NFL franchise Washington Commanders led by Josh Harris and Mitchell Rales.
The Boston Celtics’ current owners, the Grousbeck family, have publicly stated their intention to sell, with their partner Steve Pagliuca – who is also part of a ownership group at Serie A club Atalanta – and the family set to see a huge return on their investment. The Grousbeck family purchased the NBA team in 2002 for $360m.
The deal will reportedly take place in two stages, with Irving Grousbeck’s son Wyc once stating an intention to sell 51 per cent now and then the rest in 2028.
Celtics added to portfolio
Private equity firm Sixth Street has reportedly committed more than $1bn to the Boston Celtics deal with other investors involved too. The firm’s sporting portfolio is already an impressive one, boasting partnerships with the likes of San Antonio Spurs, LaLiga clubs FC Barcelona and Real Madrid and Bay FC.
Sixth Street would not be the first private equity giant to invest in multiple NBA franchises at once. Arctos Partners – Dodgers, Liverpool FC, Aston Martin Formula 1 – have investments in the Golden State Warriors, Philadelphia 76ers, Sacramento Kings and Utah Jazz while Blue Owl – an investor in tennis – has investments in the Atlanta Hawks, Minnesota Timberwolves and Sacramento Kings.
“This was an extremely thorough, rigorous sale process,” the Grousbecks said in a letter seen by Sportico sent to Boston Celtics investors. “We had tremendous interest from potential control owners and we’re grateful for the considerable time and effort bidders put in over the past few months, especially.
“In the end, Bill [of Symphony Technology Group] and the group he put together came in with a superior final bid.”
Sixth Street were approached for comment.