Green and go

The National Basketball Association (NBA) on Wednesday approved the sale of the Boston Celtics to an investment group led by Bill Chisholm, five months after the deal worth a then-record $6.1 billion was agreed.

“The NBA Board of Governors has unanimously approved the sale of the controlling interests in the Boston Celtics to an investor group led by Bill Chisholm,” the league said in a brief statement.

“The transaction is expected to close shortly.”

Chisholm is the managing director and co-founder of Symphony Technology Group. When he and his co-investors agreed to purchase the storied Celtics franchise “at an initial valuation of $6.1 billion,” that was the highest ever offered for a North American sports team.

It has since been surpassed by the $10-billion sale, in June, of the Los Angeles Lakers by the Buss family to billionaire Mark Walter.

When the Celtics sale was announced, it was stated that Wyc Grousbeck would continue in his roles of chief executive officer and governor, overseeing team operations through the 2027-28 season.

The Grousbeck family and Steve Pagliuca purchased the Celtics for $360 million in 2002.

But US media reported this week that Chisholm — a Massachusetts native who calls himself a “die-hard Celtics fan” — will assume the role of governor because under the terms of the deal, Grousbeck will no longer have the required 15 percent ownership stake the league requires to hold that role.

Nevertheless, ESPN reported that Chisholm and Grousbeck “plan to run the team together as originally planned.”

The Celtics are one of the most storied in the NBA’s history, with a record 18 championships, the most recent in 2024.

Meanwhile, Tom Dundon, owner of the National Hockey League’s (NHL) Carolina Hurricanes, has agreed to buy the Portland Trail Blazers at a valuation $4.25 billion from the estate of Paul Allen, Sportico and other US media reported.

Sportico and ESPN reported that Dundon and his co-investors, who include Portland-based Sheel Tyle, plan to keep the Trail Blazers in the Oregon city.

The Trail Blazers announced they were up for sale in May, with proceeds to go to philanthropic causes.

Microsoft co-founder Allen died from cancer in 2018 and his will called for the Trail Blazers to be sold eventually. Allen’s sister, Jody Allen, has been acting as the team’s governor and executor of the Paul Allen Trust.

Dundon, a billionaire financier, became majority owner of the NHL’s Hurricanes in 2018 and completed the purchase of all minority shares in 2021 to become sole owner of the franchise.

He leads a group purchasing the Trail Blazers that also includes Blue Own Capital president Marc Zahr and Tyle, who is founder and co-chief executive of investment firm Collective Global.

The Blazers were 36-46 last season under coach Chauncey Billups. Billups has been signed to an extension, and All-Star Damian Lillard, who played his first 11 seasons in Portland before joining the Milwaukee Bucks for two campaigns, is returning after signing an off-season deal.

The Allen family did not immediately comment on the reports. A spokesperson for the Hurricanes told The Athletic that Dundon “is in the process of buying the Portland Trail Blazers and is excited about the opportunity.”