Boston Celtics sale to Bill Chisholm group reportedly finalized

The sale of the Boston Celtics to the group of investors now helmed by private equity investor Bill Chisholm has been finalized, according to a new report from the Boston Globe's Adam Himmelsbach, and now awaits NBA approval to be fully completed. Chisholm, who purchased the team earlier this spring from then-majority owners Wyc and Irv Grousbeck, ran into some hiccups regarding the percentage of funding coming from private equity groups, but that has since been resolved, and it seems the wheels turning towards his group's full ownership of the team are nearly done turning.

A letter from the prior ownership group, Boston Basketball Partners,"lays out how the process (of the transfer of the team) will unfold for existing shareholders in the coming months," writes the Globe. "Those who are not joining Chisholm’s ownership group will be required to sell 50% “plus one unit” of their interest in the team and will have the option of deferring the rest until 2028."

"Or shareholders can sell 100 percent of their interest at first closing, Himmelsbach adds. "Shareholders have until May 28 to disclose their elections, according to the letter."

Wyc Grousbeck will remain with the team as its CEO until the end of the 2027-28 season, as per the stipulations of their agreement.

The approval by the league will reportedly take place in June or July, but is "expected to be a formality".

This article originally appeared on Celtics Wire: Celtics sale to Bill Chisholm group reportedly finalized