On Tuesday, an investor group led by William Chisholm completed the acquisition of a majority stake in the Boston Celtics. The NBA's board of governors officially approved the sale last week.
"This truly is a dream come true for me and my family," said Chisholm in a Celtics press release about the sale. "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 [Celtics president] 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."
Before the sale's approval by the NBA's board of governors, there was an alteration to the original plan. Since Wyc Grousbeck will own slightly less than 15 percent of the franchise moving forward, he cannot be their lead governor. Chisholm will assume that role while Grousbeck will operate as alternate governor and CEO through 2028.
What this doesn't change is that the two plan to run the organization together as originally intended.
Wyc Grousbeck's statement on the sale of the Celtics
Grousbeck will be a co-owner and CEO, running day-to-day operations alongside Chisholm and the franchise's existing basketball and business management teams.
"The Celtics have been my life's work for the past 23 years," stated Grousbeck in the team's press release on the sale. "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."
Chisholm's investor group includes real estate moguls, private equity investors, and a member of one of India's wealthiest families.
Aditya Mittal is the CEO of ArcelorMittal, the world's second-largest steel and mining company. His father is Lakshmi Mittal, who is the company's executive chairman.
Lakshmi Mittal is also on the board of Goldman Sachs. That's the financial adviser for Chisholm's group, which Aditya is investing $1 billion into. Like Grousbeck, he will also be an alternate governor for the Celtics.
Chisholm's investor group is led by co-owners and members of the 18-time NBA champions' managing board. That includes Grousbeck, Mittal, Bruce Beal, Andrew Bialecki, Dom Ferrante, Rob Hale, Mario Ho, and Ian Loring. The global investment firm Sixth Street is also a major participant in the investment group.