The Boston Celtics have a new owner.
Months after the current ownership group led by the Grousebeck family announced their intention to sell 51% of the franchise, Thursday brought the news from the Boston Globe's Adam Himmelsbach that the team had been purchased by William Chisholm, a Massachusetts native who founded the California-based private equity firm Symphony Technology Group.
ESPN's Shams Charania reported shortly thereafter that Chisholm would be purchasing the controlling stake in the team for a valuation of $6.1 billion.
Per Himmelsbach, current managing governor Wyc Grousebeck is expected to remain in his role through the transition.
Chisholm inherits a very talented but expensive Celtics team. Boston won its first title in 16 years last June and is poised to pose a strong title defense this playoff season. But the roster is quite pricey; the Celtics were hit with just north of a $50 million tax bill this season that will skyrocket next season if no changes are made to the payroll.
Chisholm grew up in Georgetown, Mass. and attended Dartmouth.
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This article was originally published on www.si.com as Boston Celtics Sold to Private Equity Director William Chisholm for $6 Billion Valuation.
