Celtics Sold, for $6.1B – (New Owners: Chisholm as Governor, Wyc as Alternate/CEO)

[The Corey's]

So wyc was already fired.

Wyc is done. He's not making any decisions. He wanted to be the "face" since he was here while they built this franchise but no one cares.

Just move on. Like the rest of the dudes you fired this year.

[Parliament10]

Read on Twitter

So Silver stepped in

Wyc trying to hold on. Doesn't have the 15% ownership, that League rules require.
He should have bought out his Father "Irv" a long time ago.

[darrendaye]

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So Silver stepped in

I fell for that fake rumor that Chisholm didn't think "CEO" sounded cool at all and always wanted to be called guvnah.

[Gant]

Here's why Wyc got switched to the Alternate job title. The increase in franchise valuation and a delay in the selling of some stakes caused Wyc's share to fall below the threshold necessary to retain the Governor title.

Adam Himmelsbach:

NBA rules require lead governors to hold at least a 15-percent ownership stake, and league sources said that Grousbeck’s share dipped below that mark when the transaction was fully funded.

So, what changed? The deal called for Chisholm to purchase 51 percent of the team at first close, with the balance closing in 2028. Current minority shareholders were required to sell 51 percent of their stake now, with the option of selling the rest now or waiting until 2028. A league source said that more shareholders decided to wait than originally expected.

In 2028, the NBA’s new $76 billion media rights deal will have helped inflate the values of all franchises, with the Celtics’ valuation by that time expected to be more than $7 billion.

That shift, a league source said, required extra fund-raising to complete the transaction. The source said the addition of extra shareholders reduced Grousbeck’s percentage of ownership from 15 to 12.5, below the mark required to be lead governor.

Regardless, league sources said, Grousbeck is expected to remain with the team as alternate governor and CEO through 2028.

[Gant]

Chisholm Group Takes Control of the Boston Celtics

“This truly is a dream come true for me and my family,” said Chisholm, who was born and raised near Boston and has been a lifelong fan of the team. “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, Brad Stevens and 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.”

Grousbeck added, “The Celtics have been my life’s work for the past 23 years. 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 added, “I specifically want to thank Wyc, Steve Pagliuca and their group for their stewardship of the Celtics for the past 23 years; as a fan I am so grateful for what they have done for the Celtics and the community.”

https://www.nba.com/celtics/news/081925-chisholm-group-takes-control-of-the-boston-celtics

[GoCeltics123]

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[bigfoot_cryptozoology]

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And we really mean it!

Just look at all the Championship Moves we made this off season...

He's the Gavin Newsom of NBA owners...

Who you going to believe, me Bill Chisholm, or your lying eyes?

Please avoid politics. Stuff like this just starts fights and derails threads. -b

[SuperDeluxe]

I'm going to believe in moves that make sense, like this offseason's. If things are still crap next year, then I'll complain.

[Gant]

Shirley Leung in the Globe:

With Celtics sale closed, where to build a new basketball arena?

There’s also something to be said for playing in a place designed for basketball.

The experience is more intense and intimate, said Bill Hanway, executive vice president and global sports leader at design and engineering firm AECOM, compared with a hockey arena designed around a sheet of ice that’s three times the size of a basketball court. And that’s increasingly important as teams have to convince fans to leave the comfort of their homes and big-screen TVs.

“Major sports teams, stadiums, and arenas are trying to create something that is unique and special, and draws people to come and be there in person,“ said Hanway, whose firm has designed or built over 20 NBA arenas, including renovating TD Garden. ”Celtics fans are already very, very committed and loud, but if you think about taking that type of fan commitment and putting it into a space that is even tighter with the fans directly on top, that can be an incredible change."

One thing’s for sure, it can take years to plan any major development around here. So it’s not too soon to start thinking about where a new arena might go and if it makes financial sense.

“2026 seems the right timing to get a better understanding,” said Rob Hale, CEO of Quincy-based Granite Telecommunications and a minority owner who sits on the managing board of the Celtics.

Possible sites listed in the article: Everett, Widett Circle, West Station, Former Gillette Shaving HQ, Dorchester Bay City, and Suffolk Downs.

[The Corey's]

Shirley Leung in the Globe:

With Celtics sale closed, where to build a new basketball arena?

There’s also something to be said for playing in a place designed for basketball.

The experience is more intense and intimate, said Bill Hanway, executive vice president and global sports leader at design and engineering firm AECOM, compared with a hockey arena designed around a sheet of ice that’s three times the size of a basketball court. And that’s increasingly important as teams have to convince fans to leave the comfort of their homes and big-screen TVs.

“Major sports teams, stadiums, and arenas are trying to create something that is unique and special, and draws people to come and be there in person,“ said Hanway, whose firm has designed or built over 20 NBA arenas, including renovating TD Garden. ”Celtics fans are already very, very committed and loud, but if you think about taking that type of fan commitment and putting it into a space that is even tighter with the fans directly on top, that can be an incredible change."

One thing’s for sure, it can take years to plan any major development around here. So it’s not too soon to start thinking about where a new arena might go and if it makes financial sense.

“2026 seems the right timing to get a better understanding,” said Rob Hale, CEO of Quincy-based Granite Telecommunications and a minority owner who sits on the managing board of the Celtics.

Possible sites listed in the article: Everett, Widett Circle, West Station, Former Gillette Shaving HQ, Dorchester Bay City, and Suffolk Downs.

Is this a indication of a matter of when and not a matter of if?

The Celtics need a new arena. Boston does as a whole. The garden is not big enough to support the kinds of acts that they used to draw outside of basketball and hockey.

It's time.

[Gant]

Justin Turpin:

Bill Chisholm will hold his first press conference on Thursday alongside Wyc Grousbeck, Brad Stevens, Rich Gotham, and Aditya Mittal.

[Smart2Nesmith43]

Justin Turpin:

Bill Chisholm will hold his first press conference on Thursday alongside Wyc Grousbeck, Brad Stevens, Rich Gotham, and Aditya Mittal.

I'm filled with confidence knowing that the new owner of the Celtics needs four people holding his hand while he talks to the media.

[Gant]

Justin Turpin:

Bill Chisholm will hold his first press conference on Thursday alongside Wyc Grousbeck, Brad Stevens, Rich Gotham, and Aditya Mittal.

I'm filled with confidence knowing that the new owner of the Celtics needs four people holding his hand while he talks to the media.

It seems reasonable and more effective to have the head of basketball operations, the head of business operations, the two principal incoming owners, and the previous owner there to answer what will no doubt be a wide range of questions from an eager local press corps just days before training camp kicks off.

[Smart2Nesmith43]

Justin Turpin:

Bill Chisholm will hold his first press conference on Thursday alongside Wyc Grousbeck, Brad Stevens, Rich Gotham, and Aditya Mittal.

I'm filled with confidence knowing that the new owner of the Celtics needs four people holding his hand while he talks to the media.

It seems reasonable and more effective to have the head of basketball operations, the head of business operations, the two principal incoming owners, and the previous owner there to answer what will no doubt be a wide range of questions from an eager local press corps just days before training camp kicks off.

Who is dying to ask questions to Rich Gotham ? Also isn't the entire point of having of beat writers to have people inside the facility every day ? The same facility where Rich Gotham works and presumably shows up every day. And they can't get a hold of him without a press conference ? That's some Bernstein/Woodward dedication to their job right there. I'm sure they'll come out swinging with the hard hitting questions Thursday.

Why do you need two members of the new ownership group there ? Are they not aligned on strategy ? Because if that's the case so soon after the sale went through, it's a big problem. And if they are aligned on strategy what's the point of having both of them there ? Hell why not have the entire ownership group on stage at this point. Also pretty sure Sixth Street is one of the top two investors but I guess asking vulture capitalists to show their faces and take accountability was a bit too much.

For a basketball company, four finance guys to one basketball person is clearly not a good ratio. Tells you everything you need to know about what the priorities of the new group are. And it's not the product on the floor. Same thing that Boeing did when they pushed out all those pesky engineers so they could have finance guys make all the decisions. That's how you end up spending more money on stock buybacks than R&D while your planes are falling out of the skies.

[greenbeans]

Also isn't the entire point of having of beat writers to have people inside the facility every day ?

No.

[Gant]

Celtics press conference begins at 2:30 eastern time.

Celtics Lead Owner and Governor Bill Chisholm, Co-Owner, Alternate Governor and CEO Wyc Grousbeck, Co-Owner and Alternate Governor Aditya Mittal, Team President Rich Gotham & President of Basketball Operations Brad Stevens address the media. This is the first time Chisholm will address the media.

Watch on YouTube

[Gant]

Brad Stevens on the luxury tax (after getting under the second apron): "There's no tax goal."

Bill Chisolm: "We're going to do everything we can to win. That is job number one. And not just win games, but win championships."

[bucknersrevenge]

Brad Stevens on the luxury tax (after getting under the second apron): "There's no tax goal."

Bill Chisolm: "We're going to do everything we can to win. That is job number one. And not just win games, but win championships."

Weird...he keeps saying the same thing over and over again about getting under the tax. Still...he must be lying.

[Gant]

The reporters asked good questions and the answers were candid. This wasn't all fluff.

I just read someone say that this press conference gave a sense of stability. The partnership between Wyc and Bill Chisholm seems genuine, and importantly the new owner really is an actual Celtics fan.

Brad, Chisholm, and Wyc's explanation of why they had to get under the second apron was very clear.

[The Corey's]

Brad Stevens on the luxury tax (after getting under the second apron): "There's no tax goal."

Bill Chisolm: "We're going to do everything we can to win. That is job number one. And not just win games, but win championships."

Doing everything you can to win doesn't include immediately blowing up the team because the money is too big for your pockets.

On a side note, did anyone ask him about a new arena?