BOSTON (AP) — Private equity mogul William Chisholm agreed to buy the Boston Celtics on Thursday in a deal that values the NBA's reigning champions and the most-decorated franchise in league history at a minimum of $6.1 billion — the largest price ever for American professional sports team.
If the deal is approved by the NBA’s board of governors this summer, the sale would top the $6.05 billion paid for the NFL’s Washington Commanders in 2023.
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FILE - In this image taken with a fisheye lens, the Boston Celtics logo is seen at center court on the parquet floor before before taken up for a Boston Bruins NHL hockey game later in the day, Sunday, April 8, 2018, in Boston. (AP Photo/Winslow Townson, File)
FILE - The Boston Celtics logo is seen at center court on the parquet floor before an NBA basketball game, Wednesday, April 28, 2021, in Boston. (AP Photo/Charles Krupa, File)
FILE - Boston Celtics' Paul Pierce, left, and Ray Allen celebrate in the locker room after winning Game 6 of the NBA Finals over the Los Angeles Lakers to win the championship Tuesday, June 17, 2008, in Boston. (AP Photo/Winslow Townson, File)
FILE - Boston Celtics players huddle before an NBA basketball game, in Boston, Friday, Nov. 15, 2013. (AP Photo/Charles Krupa, File)
FILE - Boston Celtics guard Jaylen Brown (7) hangs on the rim after a dunk during the first half against the Dallas Mavericks in Game 5 of the NBA basketball finals Monday, June 17, 2024, in Boston. (Peter Casey/Pool Photo via AP, File)
FILE - Boston Celtics players and team personnel gather to raise the Celtics' 17th NBA championship banner during ceremonies prior to an NBA basketball game against the Cleveland Cavaliers in Boston on Tuesday, Oct. 28, 2008. (AP Photo/Winslow Townson, File)
FILE - The Boston Celtics logo is seen at center court on the parquet floor before an NBA basketball game between the Boston Celtics and the Atlanta Hawks Sunday, Feb. 13, 2022, in Boston. (AP Photo/Winslow Townson, File)
A Massachusetts native and graduate of Dartmouth College and Penn's Wharton School of business, Chisholm is the managing partner of California-based Symphony Technology Group. The new ownership group also includes Boston businessmen Rob Hale, who is a current Celtics shareholder, and Bruce Beal Jr.
"Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life,” Chisholm said in a statement. “I understand how important the Celtics are to the city of Boston — the role the team plays in the community is different than any other city in the country. I also understand that there is a responsibility as a leader of the organization to the people of Boston, and I am up for this challenge.”
Wyc Grousbeck, whose family leads the ownership group that bought the team in 2002 for $360 million, said Chisholm asked him to stay on as CEO and Governor for the next three seasons, “and I am glad to do so.”
“Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area,” Grousbeck said. “His love for the team and the city of Boston, along with his chemistry with the rest of the Celtics leadership, make him a natural choice to be the next Governor and controlling owner of the team. I know he appreciates the importance of the Celtics and burns with a passion to win on the court while being totally committed to the community. Quite simply, he wants to be a great owner.”
The agreement calls for a two-part sale in which Chisholm would acquire at least 51% of the team upon approval by the NBA’s board of governors, which could come as soon as this summer. Current owners would have the option to retain the remainder of their shares until 2028, when they would be sold at a price that could be up to 20% higher, based on a formula determined by league revenue growth.
That would value the team at $7.3 billion. Chisholm outbid at least two other groups; one was led by current Celtics minority partner Steve Pagliuca, who said he put together a record, fully guaranteed bid with deep resources and no debt to “ensure we can always compete for championships, luxury taxes be damned.”
“It is a bid of true fans, deeply connected to Boston's community, and we've been saddened to find out that we have not been selected,” he said in a statement. “I will never stop being a Celtic, and if the announced transaction does not end up being finalized, my partners and I are ready to check back into the game and bring it home, to help continue what the Celtics do best — win.”
Sportico and ESPN were among those first reporting the sale agreement.
The record price for an NBA team was the $4 billion mortgage firm owner Mat Ishbia paid for the Phoenix Suns in 2023. But the Celtics are one of the league's flagship franchises, winning their unprecedented 18th NBA title last June and among the favorites to win again this season with young stars Jayson Tatum and Jaylen Brown — successors to a tradition of championship-winning Hall of Famers running from Bob Cousy to Bill Russell to Larry Bird to Paul Pierce.
Shortly after beating the Dallas Mavericks for the NBA title last summer, Grousbeck announced that the team would be put up for sale.
“My partners and I have immense respect for Wyc, the entire Grousbeck family and their indelible contributions to the Celtics organization over the last 23 years," Chisholm said. "We look forward to learning from Wyc and partnering with Brad Stevens, Joe Mazzulla and the talented team and staff to build upon their success as we work to bring more championships home to Boston.”
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FILE - In this image taken with a fisheye lens, the Boston Celtics logo is seen at center court on the parquet floor before before taken up for a Boston Bruins NHL hockey game later in the day, Sunday, April 8, 2018, in Boston. (AP Photo/Winslow Townson, File)
FILE - The Boston Celtics logo is seen at center court on the parquet floor before an NBA basketball game, Wednesday, April 28, 2021, in Boston. (AP Photo/Charles Krupa, File)
FILE - Boston Celtics' Paul Pierce, left, and Ray Allen celebrate in the locker room after winning Game 6 of the NBA Finals over the Los Angeles Lakers to win the championship Tuesday, June 17, 2008, in Boston. (AP Photo/Winslow Townson, File)
FILE - Boston Celtics players huddle before an NBA basketball game, in Boston, Friday, Nov. 15, 2013. (AP Photo/Charles Krupa, File)
FILE - Boston Celtics guard Jaylen Brown (7) hangs on the rim after a dunk during the first half against the Dallas Mavericks in Game 5 of the NBA basketball finals Monday, June 17, 2024, in Boston. (Peter Casey/Pool Photo via AP, File)
FILE - Boston Celtics players and team personnel gather to raise the Celtics' 17th NBA championship banner during ceremonies prior to an NBA basketball game against the Cleveland Cavaliers in Boston on Tuesday, Oct. 28, 2008. (AP Photo/Winslow Townson, File)
FILE - The Boston Celtics logo is seen at center court on the parquet floor before an NBA basketball game between the Boston Celtics and the Atlanta Hawks Sunday, Feb. 13, 2022, in Boston. (AP Photo/Winslow Townson, File)
LONDON (AP) — London Heathrow Airport said it was “fully operational” on Saturday, after an almost daylong closure sparked by an electrical substation fire. But thousands of passengers remained stuck, and airlines warned that severe disruption will last for days as they scramble to relocate planes and crews and get travelers to their destinations.
Friday's travel mayhem raised concerns about Britain's ability to withstand disasters or attacks on critical infrastructure. Inconvenienced passengers, angry airlines and concerned politicians all want answers about how one seemingly accidental fire could shut down Europe’s busiest air hub.
“This is a huge embarrassment for Heathrow airport. It’s a huge embarrassment for the country that a fire in one electricity substation can have such a devastating effect," said Toby Harris, a Labour Party politician who heads the National Preparedness Commission, a group that campaigns to improve resilience.
Heathrow said it had “hundreds of additional colleagues on hand in our terminals and we have added flights to today’s schedule to facilitate an extra 10,000 passengers." It advised passengers to check with their airline before going to the airport.
British Airways, Heathrow’s biggest airline, said it expected to operate about 85% of its 600 scheduled flights at the airport on Saturday. It said that "to recover an operation of our size after such a significant incident is extremely complex.”
While many passengers managed to resume stalled journeys, others remained in limbo.
Laura Fritschie from Kansas City was on vacation with her family in Ireland when she learned that her father had died. On Saturday she was stranded at Heathrow after her BA flight to Chicago was canceled at the last minute.
“I’m very frustrated," she said. “This was my first big vacation with my kids since my husband died, and ... now this. So I just want to go home.”
More than 1,300 flights were canceled and some 200,000 people stranded Friday after an overnight fire at a substation 2 miles (3.2 kilometers) away from the airport cut power to Heathrow, and to more than 60,000 properties.
Residents in west London described hearing a large explosion and then seeing a fireball and clouds of smoke when the blaze ripped through the substation. The fire was brought under control after seven hours, but the airport was shut for almost 18. A handful of flights took off and landed late Friday.
Police said they do not consider the fire suspicious, and the London Fire Brigade said its investigation would focus on the electrical distribution equipment at the substation.
Still, the huge impact of the fire left authorities facing questions about Britain’s creaking infrastructure. The government acknowledged that authorities had questions to answer and said a rigorous investigation was needed to make sure “this scale of disruption does not happen again.”
Harris, from the preparedness commission, said the airport shutdown points to a broader problem with Britain’s economy and infrastructure.
“The last 40, 50 years we’ve tried to make services more efficient,” he said. “We’ve stripped out redundancy, we’ve simplified processes. We’ve moved towards a sort of ‘just in time’ economy.
“There is an element where you have to make sure you’re available for ‘just in case.’ You have to plan for things going wrong.”
Heathrow chief executive Thomas Woldbye said he was “proud” of the way airport and airline staff had responded.
"Remember, the situation was not created at Heathrow Airport," he told the BBC. “The airport didn’t shut for days. We shut for hours."
He said Heathrow's backup power supply, designed for emergencies, worked as expected, but it wasn’t enough to run the whole airport, which uses as much energy as a small city.
“That’s how most airports operate," said Woldbye, who insisted “the same would happen in other airports" faced with a similar blaze.
Heathrow is one of the world’s busiest airports for international travel, and saw 83.9 million passengers last year.
Friday’s disruption was one of the most serious since the 2010 eruption of Iceland’s Eyjafjallajokull volcano, which shut Europe’s airspace for days.
Passengers on about 120 flights were in the air when Friday's closure was announced and found themselves landing in different cities, and even different countries.
Mark Doherty and his wife were halfway across the Atlantic when the inflight map showed their flight from New York’s John F. Kennedy Airport to Heathrow was turning around.
“I was like, you’re joking,” Doherty said before the pilot told passengers they were heading back to New York.
Doherty called the situation “typical England — got no back-up plan for something happens like this. There’s no contingency plan.”
Associated Press journalist Kwiyeon Ha at Heathrow Airport contributed to this report.
A British Airways plane approaches landing as Heathrow Airport slowly resumes flights after a fire cut power to Europe's busiest airport in London, Saturday, March 22, 2025.(AP Photo/Kirsty Wigglesworth)
Travellers wait outside the Terminal as Heathrow Airport slowly resumes flights after a fire cut power to Europe's busiest airport in London, Saturday, March 22, 2025.(AP Photo/Kirsty Wigglesworth)
Travellers check the information board in London, Saturday, March 22, 2025, as Heathrow Airport slowly resumes flights after a fire cut power to Europe's busiest airport.(AP Photo/Kirsty Wigglesworth)
The airport arrivals board at Terminal 5 as Britain's Heathrow Airport has closed for the full day Friday after an electrical substation fire knocked out its power, disrupting flights for hundreds of thousands of passengers at one of Europe's biggest travel hubs in London, Friday, March 21, 2025.(AP Photo/Kin Cheung)
A British Airways plane is parked at Terminal 5 as Britain's Heathrow Airport has closed for the full day Friday after an electrical substation fire knocked out its power, disrupting flights for hundreds of thousands of passengers at one of Europe's biggest travel hubs in London, Friday, March 21, 2025.(AP Photo/Kin Cheung)
Workers are seen as smoke rises from the North Hyde electrical substation, which caught fire last night, leading to the closure of the Heathrow Airport, in London, Friday March 21, 2025.(AP Photo/Kirsty Wigglesworth)
A handwritten sign at a Heathrow Airport tube station in London indicates the airport is closed on Friday March 21, 2025, following a fire at the North Hyde electrical substation the previous night.(AP Photo/Alberto Pezzali)
A plane is prepared whilst another airplane approaches landing at Heathrow Airport after a fire at an electrical substation shuttered Europe's busiest air travel hub in London, Friday, March 21, 2025.(AP Photo/Alberto Pezzali)
A traveller arrives at Terminal 5 as Heathrow Airport slowly resumes flights after a fire cut power to Europe's busiest airport in London, Saturday, March 22, 2025.(AP Photo/Kirsty Wigglesworth)
Travellers wait at Terminal 5 as Heathrow Airport slowly resumes flights after a fire cut power to Europe's busiest airport in London, Saturday, March 22, 2025.(AP Photo/Kirsty Wigglesworth)
Travellers arrive at Terminal 5 as Heathrow Airport slowly resumes flights after a fire cut power to Europe's busiest airport in London, Saturday, March 22, 2025.(AP Photo/Kirsty Wigglesworth)
Travellers arrive at Terminal 5 as Heathrow Airport slowly resumes flights after a fire cut power to Europe's busiest airport in London, Saturday, March 22, 2025.(AP Photo/Kirsty Wigglesworth)
Travellers arrives at Terminal 5 as Heathrow Airport slowly resumes flights after a fire cut power to Europe's busiest airport in London, Saturday, March 22, 2025.(AP Photo/Kirsty Wigglesworth)
