There’s a new era in Boston, as the Celtics, one of the most decorated franchises in NBA history just pulled off a major financial pivot. Indian steel magnate Aditya Mittal is right at the center of it. But this isn’t just another billionaire buy-in.
A $1 billion stake from Mittal, CEO of ArcelorMittal, helped seal a $6.1 billion deal that reshapes the Celtics’ power table. But while William Chisholm is the new face of the team’s ownership, Mittal joins as an ‘alternate governor.’ The Celtics’ Instagram post made it official: “Chisholm will serve as Governor, and Wyc Grousbeck and Aditya Mittal will serve as Alternate Governors.”
The new Celtics ownership is a coalition of global capital and local ties. Chisholm, founder of STG Partners and a Boston native, now owns at least 51% of the team and will lead as governor. Grousbeck stays on as co-owner and CEO, maintaining day-to-day responsibilities alongside Chisholm.. Aditya Mittal’s $1 billion investment makes him the second-largest stakeholder in the group.
Also on board are Bruce Beal, Andrew Bialecki, Dom Ferrante, Rob Hale, Mario Ho, Ian Loring, and investment firm Sixth Street. Notably, Grousbeck and Hale are the only holdovers from the previous regime. The NBA Board of Governors gave its unanimous nod. With that, Chisholm’s investor group officially took control of the 18-time NBA champions.
It ended a 23-year reign for Wyc Grousbeck’s group, a tenure that delivered two banners, four Finals appearances, and playoff basketball nearly every season.
Aditya Mittal’s role in the William Chisholm’s acquisition
According to Sportico, Mittal was approached by both Grousbeck and Chisholm. “Aditya has long been a huge supporter of the Boston Celtics,” a Mittal spokesperson said.
“When Wyc and Bill approached Aditya, he saw it as a tremendous opportunity to get involved with this incredible team. Obviously he remains super focused on ArcelorMittal and also very much looks forward to supporting the team further.”
While remaining CEO of ArcelorMittal, he will shape key franchise decisions.
“This truly is a dream come true for me and my family,” Chisholm said. “On behalf of our group, I am thrilled to partner with Wyc, Brad Stevens and Rich Gotham to move this outstanding organization forward.” In Boston, championships are expected, and with this trio at the helm, the stakes just got higher.
The post Celtics Ownership Structure: What Role Will Aditya Mittal Play After William Chisholm’s Acquisition? appeared first on EssentiallySports.