The Boston Celtics are without a doubt a marquee franchise in the NBA. Knock again, and the Lakers might have something to say about that. Nonetheless, their marquee status was put on display last week after the franchise was finally sold after months of speculation. The buyer? A group led by Bill Chisholm purchased the 18-time NBA champions team for a whopping $6.1 billion! That’s the largest amount paid for a North American sports franchise ever! Time to celebrate, but what’s bothering everyone? ‘The fight for existence and entry’.
Well, Bill Chisholm is the co-founder of the Symphony Technology Group. A private equity firm based out of California. Enough indications to the C’s fans. Still unable to decode? Private equity is a risky business, to say the least. It involves buying, improving, and then selling small, non-publicly traded companies in an attempt to make a profit. By no means is the Boston franchise a small company, but Chisholm’s entire business is based on profit. So, here hits the panic button ‘What if….’? Yes, you clicked it. What if he prioritizes profit over the rich history of the Celtics? If that’s the case, then this should ring some alarm bells for the C’s faithful.
Any investment comes with the hope of ROI. So, will the new owners re-scoop money from the Celtics community? We’ve already seen ticket and food prices go up as a result of these massive expansions and takeovers. ‘CBS Mornings‘ discussed how this takeover could bring bad news to the fans. The host pointed out that the average cost of attending an NBA game this season for a family of four is already $320.31! So, will the new owners bring down this massive cost or hike the prices?
“I don’t own any uh NBA teams you know, but I think it’s unlikely that prices go down. We have seen it in limited places the owner of the Phoenix Suns Matt Ishbia this year introduced a kind of cheaper pricing for food and beverages, we’ve seen it with the Atlanta Falcons but mostly prices continue to go up.” The Athletic’s Mike Vorkunov stated on the show.
Sport Bilder des Tages 240618 — BOSTON, June 18, 2024 — Jayson Tatum C of Boston Celtics lifts the trophy after winning Game 5 between Boston Celtics and Dallas Mavericks at the 2023-2024 season NBA, Basketball Herren, USA Finals in Boston, the United States, June 17, 2024. SPU.S.-BOSTON-BASKETBALL-NBA-FINALS-GAME 5 WuxXiaoling PUBLICATIONxNOTxINxCHN.
“I think you know part of spending that much money on a team is you want a return on your investment. Not only in the appreciation but also the revenue,” Vorkunov added. Fair business, you invest billions not for social service. But the fans will have to shell out from their pie unless Bill Chisholm, who’s a lifelong Celtic fan, decides to reduce the price, the chances are they’ll likely go up. That’s worrying news for not just the Boston fans but for all sports fans as it has been a trend. The prices are already at an all-time high and fewer and fewer fans can afford to attend games of their favorite sports franchise. Also, worth noting is outgoing minority owner Steve Pagliuca’s warning to Celtics fans, which brings more light to this topic.
Outgoing owner Steve Pagliuca warns Celtics faithful about strings attached to private equity money
Steve Pagliuca has been around the Celtics for numerous years and was a minority alongside the Grousbeck family. Since the bidding process started, Pagliuca has worked hard to gather several existing owners to keep the team around people who appreciate and know the culture around Boston. Upset to lose, he released a statement after his bid was rejected. “We made a fully guaranteed and financed offer at a record price. Befitting the best sports fans in the world, and with all the capital coming from individuals who are fully committed to winning on and off the court,” He posted on X.
Here’s my statement on today’s news. pic.twitter.com/lhKCslEcgF
— Steve Pagliuca (@pagsceltics) March 20, 2025
“We had no debt or private equity money that would potentially hamstring our ability to compete in the future. We have felt it was the best offer for the Celtics.” Pagliuca is likely disappointed that his offer was rejected. Nevertheless, his specifically calling out private equity money had raised a few eyebrows. Experts’ opinion or well-wisher? At least will claim to be both. Reason? He is a senior advisor at Bain Captial. So, if he’s telling C’s fans that this kind of money and winning don’t go hand in hand, then it speaks volumes. If anyone knows the mindset of these firms, it’s Pagliuca.
Will this be another event of the cold-blooded axe where cutting salaries, downsizing, and doing anything to get their end goal will be the motto? Too early to judge because we still don’t know Bill Chisholm and Cos’. view owning a team as similar to a business. Because if they do, then there might be a reason to worry for the Celtics fans. On the flip side, Chisholm is known as a lifelong Boston fan who plans to buy a house in Boston and watches all the Celtics games. So, who knows? He might have bought the franchise purely out of his passion. One way or the other, Boston fans will soon come to know are any strings attached to the deal.
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