
My favourite Basketball team in the Eastern Conference, the Boston Celtics is set to become the most expensive North American sports franchise. A consortium led by William Chisholm has agreed to buy the team for $6.1 billion, the most dosh shelled out for an NBA team.
Chisholm, a lesser-known billionaire and managing partner at Symphony Technology Group, will acquire an initial 51% stake this year, with the remaining shares owned by the Grousbeck family set to be sold by 2028.
Boston Celtics were bought in 2002 for just $360 million, so the Grousbecks have made a handsome return on their investment. In my opinion, the Celtics, already a well-run franchise, could benefit from a sharper approach to revenue growth, sponsorships, and global expansion.
The days of wealthy owners treating sports franchises as vanity projects are fading. Investors expect returns, and in sports, winning drives value - better teams mean higher ticket sales, stronger media rights deals, and bigger sponsorships. The challenge, of course, is finding the balance between the best players, financial discipline and maintaining the soul of a storied organisation.