The Boston Celtics are being sold for a groundbreaking initial valuation of $6.1 billion to a group led by William Chisholm, Managing Partner at Symphony Technology Group, as announced on Thursday. This sale, pending approval by the NBA’s board of governors after a thorough vetting process, has the potential to become the most lucrative in U.S. mainstream sports history. The review process is expected to last into summer at the earliest.

This $6.1 billion valuation is seen as a minimum as it represents only the initial figure. It surpasses the previous record set when a team led by Josh Harris acquired the Washington Commanders for $6.05 billion in 2023.

Boston Basketball Partners LLC had stated their intent last summer to sell the majority of the Celtics either late last year or early this year, with plans to divest the remaining shares by 2028. Wyc Grousbeck, the leader of the current ownership group, is expected to remain as the team’s governor through the 2027-28 season.

Grousbeck’s group purchased the Celtics for $360 million back in 2002.

“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,” said Chisholm in a statement. Translation: “My partners and I deeply respect Wyc, the entire Grousbeck family, and their lasting impact on the Celtics organization in the past 23 years.”

He added, “We look forward to collaborating with Wyc, as well as with Brad Stevens, Joe Mazzulla, and the talented team staff, to continue building on their success and strive to bring more championships to Boston.”

The $6.1 billion figure outstrips other recent NBA franchise sales: in 2023, the Phoenix Suns were sold to Mat Ishbia for $4 billion, while the Milwaukee Bucks were acquired by Jimmy and Dee Haslam for $3.5 billion. Similarly, Mark Cuban agreed to sell most of his shares in the Dallas Mavericks to Miriam Adelson and her son-in-law Patrick Dumont for another $3.5 billion.

“Bill is an outstanding individual and a devoted Celtics supporter, having grown up in the Boston area,” commented Grousbeck on Chisholm. Translation: “Bill is a wonderful person and a true Celtics enthusiast, raised right here in Boston.”

Grousbeck mentioned that Chisholm has asked him to serve as the team’s CEO and governor for the initial three years while remaining as his partner.