Aditya Mittal, CEO of ArcelorMittal and member of one of India’s wealthiest families, is reportedly investing $1 billion to acquire a stake in the Boston Celtics. This investment positions him as the second-largest shareholder of the iconic NBA team, which has won the championship 18 times, and he may serve as an alternative governor for the franchise in the future, as noted by a sports business news outlet.
The transaction is valued at a staggering $6.1 billion, marking it as one of the most expensive sales in professional sports history. William Chisholm, leading the purchase group, is set to become the team’s governor after the 2027-28 NBA season, succeeding long-time owner Wyc Grousbeck.
When the deal was first discussed, there were still funding confirmations pending from Chisholm Group. Recently, reports indicated Grousbeck’s father, Irving, who is 90 years old, was hesitant to take on potential future losses tied to the team’s rising salary expenses.
The plan for the Celtics’ ownership transition was revealed back in March. This aligns with the Grousbeck family’s stepwise plan for control, with Chisholm’s group agreeing to a two-part deal for the team.
In recent weeks, the consortium has been focused on raising capital and clarifying the roles of existing minority investors. Mittal’s substantial financial contribution played a crucial role in filling the remaining funding gaps and stabilizing the agreement.
Mittal is the son of Lakshmi Mittal, the executive chairman of ArcelorMittal, which is the world’s second-largest steel and mining corporation in terms of revenue. Lakshmi began Mittal Steel in the late 1980s and merged with Arcelor in 2006, effectively building the empire from scratch. His current net worth is estimated to be around $23.9 billion.
Having been a member of the Goldman Sachs board since 2008, Mittal helps cement the financial aspects of this deal as Goldman served as an advisor to Chisholm Group. A representative for Mittal noted his longstanding admiration for the Celtics, stating that he sees this acquisition as an exciting opportunity while still being dedicated to ArcelorMittal.
While both ArcelorMittal and JPMorgan Chase, who co-led the sale, declined to provide comments, inquiries directed at representatives from Goldman Sachs and BDT went unanswered prior to the publication.
The initial investment group, which also included a private equity firm with ties to the San Antonio Spurs, has since modified their stake, yet they anticipate holding around 12.5% of the Celtics, as the NBA restricts individual equity company ownership to 20%.
Additional members of the buying group include current Celtics investors Rob Hale, Bruce A. Beale Jr., and the president of the affiliate. Mittal, who resides in London, graduated from the Wharton School at the University of Pennsylvania and took on the role of CEO of ArcelorMittal in 2021.
