\u201cI\u2019m thrilled, and as a fan am just thankful to have this opportunity, but also to Wyc and his group, because [what they accomplished] is pretty spectacular and it\u2019s a pretty high bar,\u201d Chisholm told the Globe during a joint interview with Grousbeck. \u201cSo, I\u2019m feeling the pressure.\u201d<\/p>\n
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The deal will close in two phases, with Chisholm\u2019s group taking 51 percent ownership now, and the balance closing in 2028. The deal\u2019s initial structure called for Grousbeck to remain lead governor until 2028, but that plan was altered last week because of NBA guidelines that require lead governors to own at least 15 percent of a team.<\/p>\n
Grousbeck\u2019s stake dipped below that mark when the transaction was fully funded, so Chisholm immediately becomes lead governor, with Grousbeck serving as alternate governor and CEO. Chisholm and Grousbeck stressed Tuesday that this alteration would have minimal impact on their initial plan.<\/p>\n
\u201cThe day-to-day operational approach here is the same as it ever was,\u201d Chisholm said. \u201cWyc and I are arm in arm here leading the charge with the Celtics. Frankly, the change that needed to be made was more of a league issue.\u201d<\/p>\n
\u201cWyc\u2019s ownership dipped below 15 percent, but it dipped below 15 percent for good reason. We had a lot of demand for investors to put money in, so we raised a little more money. I think that was in the best interest of everyone and the Celtics, because we want to make sure we have all the firepower necessary to chase championships, and Wyc has been that kind of team player all along.\u201d<\/p>\n
Added Grousbeck: \u201cWhen it became clear the governor title was not going to be available because of technical reasons, because of math, Bill said, \u2018Well, then we\u2019re just not going to use that word around the office.\u2019 So that says a lot about Bill, that he doesn\u2019t care. He just wants to do the right thing for the team, and I feel the exact same way. We\u2019re shoulder to shoulder.\u201d<\/p>\n
Aditya Mittal<\/a>, CEO of the global steel company ArcelorMittal and a member of one of India\u2019s richest families, will be the second-largest stakeholder in Chisholm\u2019s group, as well as an alternate governor.<\/p>\n Chisholm said he did not know Mittal personally before this connection formed in recent months, but they shared many business acquaintances. He said Mittal initially intended to take a smaller stake but became increasingly intrigued by the opportunity as time passed.<\/p>\n \u201cI think he\u2019s like the rest of the ownership group, just really interested in the right things and driven by the right things, like building the right culture here on the court and in the back office in the ownership group,\u201d Chisholm said. \u201cAnd he\u2019s just a really a tremendous person.\u201d<\/p>\n The new group\u2019s managing board also includes Bruce Beal Jr., Andrew Bialecki, Dom Ferrante, Rob Hale, Mario Ho, and Ian Loring. Global investment firm Sixth Street holds a substantial stake, but private equity companies must act as silent partners.<\/p>\n \u201cIt got to the point where we were able to curate and choose who we wanted in the group,\u201d Chisholm said. \u201cThere were people who didn\u2019t make it, and I\u2019m not pointing at anybody in particular, but there were some folks that didn\u2019t fit. There were some folks we really wanted, and we were able to put together a group of people who are passionate about the Celtics and the community and have connections to Boston.\u201d<\/p>\n The Celtics\u2019 roster has undergone a substantial overhaul since Chisholm agreed to buy the team. Key pieces from the 2023-24 title squad, such as Jrue Holiday, Kristaps Porzingis, Luke Kornet, and Al Horford are gone, and Tatum is expected to miss this season. <\/p>\n President of basketball operations Brad Stevens has worked to get the Celtics below the second apron and put the franchise in position to also dip below the luxury tax, helping eventually reset extremely costly repeater taxes that are activated when a team is above the tax line in three of four seasons.<\/p>\n The shift has been necessary, and other teams have faced similar crunches. But to casual fans, the optics of a team slashing payroll when a new ownership group arrives have caused some confusion and consternation.<\/p>\n \u201cThe people that need to understand and do understand the second apron are the general managers, because you completely tie yourself in knots if you try to stay over the second apron for more than two years,\u201d Grousbeck said. \u201cWe took our two years and put the pedal absolutely to the metal, and we won in 2024, and had another chance last year, as planned. The plan actually worked. Now you take a breath and reset \u2026 This is what every team in the league is going to be doing or is doing already.\u201d<\/p>\n Chisholm said the long-term vision has not been interrupted by this temporary reset.<\/p>\n \u201cWe\u2019re not playing for second; we\u2019re playing for championships and banners,\u201d he said. \u201cWe\u2019re playing for them in the near term, although we obviously had to do some things to get below the second apron. But we\u2019re also playing for them in the medium and long term.<\/p>\n \u201cThe second apron means you can\u2019t do it by just throwing money at the problem. You have to do it with talent, you have to do it with leadership, and with Wyc and with Brad and [president Rich Gotham] and [coach Joe Mazzulla], I feel like we have the best leaders in the league.\u201d<\/p>\n Chisholm believes that with players such as Jaylen Brown, Derrick White, and Payton Pritchard, the Celtics have the tools in place to exceed expectations this season. <\/p>\n \u201cAnd I think there\u2019s real talent here that hasn\u2019t been fully realized,\u201d he said.<\/p>\n Ownership and the front office made it clear that Mazzulla was part of this long-term vision when the fourth-year coach agreed to a multiyear contract extension<\/a> this month.<\/p>\n \u201cI think Bill and I both felt, and Brad, that it was a great thing to lock in Joe and have him be happy and empowered,\u201d Grousbeck said. \u201cWe\u2019re trying to empower Joe to be the championship coach that he is, and I love the way he energizes the team.\u201d<\/p>\n Chisholm thinks Mazzulla\u2019s player development skills and embracement of an underdog mentality will suit this team.<\/p>\n \u201cI\u2019m really excited to see what he does in this kind of environment,\u201d Chisholm said. \u201cI think people will really appreciate what he\u2019s all about. When he doesn\u2019t have the loaded team, what can he do? And I think that\u2019s going to be really interesting, and I have every confidence he\u2019s going to crush it.\u201d<\/p>\n Adam Himmelsbach can be reached at adam.himmelsbach@globe.com<\/a>. Follow him @adamhimmelsbach<\/a>.<\/p>\n