Celtics announce new ownership structure, titles

Following last week’s announcement that the NBA’s Board of Governors had approved the sale of the Boston Celtics to a group led by William Chisholm, the team put out a press release on Tuesday confirming the ownership change and the closing of the sale while sharing more details on the new hierarchy at the top of the organization.

As expected, Chisholm has taken over as the Celtics’ governor, with Aditya Mittal and former majority owner Wyc Grousbeck named alternate governors.

Although the plan to have Grousbeck retain his governor position until 2028 fell through, he’ll still hold the CEO and co-owner titles and will run day-to-day operations alongside Chisholm, per today’s press release. Grousbeck retained a stake in the franchise, but no longer controls at least a 15% share, making him ineligible to remain on as the team’s primary governor.

As for Mittal, reporting in May indicated that he was expected to be the second-largest stakeholder in Chisholm’s ownership group. In addition to Chisholm, Mittal, and Grousbeck, shareholders in the franchise include Bruce Beal, Andrew Bialecki, Dom Ferrante, Robert Hale, Mario Ho, Ian Loring and the investment firm Sixth Street.

“This truly is a dream come true for me and my family,” Chisholm, a lifelong Celtics fan, said in a statement. “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, (president of basketball operations) Brad Stevens and (president of business operations) 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.”

The Celtics’ announcement also includes a brief statement from Grousbeck:

“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.”