‘Never heard of the guy’
Finance Guy Buys Boston Celtics for Record $6.1 Billion
A finance executive named Bill Chisholm has made headlines by purchasing the iconic Boston Celtics for a staggering $6.1 billion, making it the most expensive sports franchise deal in US history.
Despite the massive transaction, Chisholm remains relatively unknown in both the sports and financial worlds. He is the co-founder of Silicon Valley private equity firm Symphony Technology Group, known for investing in tech and software companies.
Chisholm’s ability to finance the Celtics deal has raised questions, given Symphony’s $10 billion in assets compared to larger firms like Blackstone Group with $1.1 trillion under management. However, Chisholm has secured partners like billionaire Rob Hale of Granite Telecommunications and private equity firm Sixth Street, contributing $1 billion to the deal.
On the sports front, Sixth Street recently acquired a 10% stake in the San Francisco Giants and has investments in other sports teams, indicating a strong presence in the industry.
Chisholm, who hails from Silicon Valley, co-founded the Valent Group and worked at Bain Capital before launching Symphony in 2002. Despite his low-key profile, he expressed his passion for the Celtics, having grown up in Boston and attended college in New England.
To fund the team and address challenges like player salaries and venue ownership, Chisholm may leverage Wall Street resources. JPMorgan and wealth management chief Mary Erdoes are reportedly involved in finalizing the deal.
The $6.1 billion Celtics acquisition surpasses previous sports franchise records and reflects Chisholm’s ambitious vision for the team’s future.
With the NBA Board of Governors’ approval pending, Chisholm’s acquisition of the Celtics marks a significant moment in sports business history, setting a new standard for franchise valuations.
Additional reporting by Mark W. Sanchez
