The record $6.1 billion sale of the Boston Celtics to a group led by private-equity executive Bill Chisholm is all but wrapped up, with a vote by the NBA board of governors this summer the only remaining step before the deal is completed.
And Chisholm is still adding investors. On Thursday, Front Office Sports confirmed the CEO of ArcelorMittal—the world’s second-largest steel producer—is contributing $1 billion to the transaction. Sportico first reported Mittal’s investment.
In addition to Chisholm and Aditya Mittal, other investors participating in the sale include private-equity firm Sixth Street, existing Celtics minority owner Robert Hale Jr., and Bruce A. Beal Jr., president of Related Companies. (And that is just the confirmed list so far, but there are others, a source tells FOS. )
The deal, which FOS reported has been “oversubscribed” since earlier this month, is on the “one-yard line,” a source familiar with the matter says. The last remaining step is for the NBA board of governors to vote to approve. That’s expected in July, after the NBA Finals.
While Chisholm will be the face of the new ownership group, Mittal is much more globally famous, just as Sixth Street is a household name in private equity while Chisholm’s Symphony Technology Group is not.
These are the others who’ve joined Chisholm:
Aditya Mittal
Mittal has been CEO of ArcelorMittal, the second-biggest producer of steel in the world behind China Baowu Steel Group, since 2021. He is likely to be the second-largest Celtics stakeholder, a source confirms to FOS, and may be the team’s alternate governor in the future.
His father, Lakshmi Mittal, started Mittal Steel in 1976. It became ArcelorMittal following the 2006 merger of Arcelor and Mittal Steel. Prior to assuming the CEO role, Aditya Mittal held an array of leadership positions within the company, including CFO.
Mittal’s investment in the Celtics deal is not par for the course for him. He doesn’t appear to have a wide-ranging portfolio of sports investments, although he did previously form and oversee the Mittal Champions Trust, a philanthropic effort aimed at supporting Indian athletes seeking to participate in the Olympics.
Mittal told Forbes India in 2012 that he launched the MCT after attending the 2004 Summer Olympics in Greece, during which the Indian team won only a single silver medal, which he described as “a big disappointment.” The MCT supported Indian athletes in a variety of ways, such as coaching and training programs. During the 2008 Olympics in China, India brought home three medals, including one gold.
The MCT was dissolved in 2014, after having been associated with close to 40 athletes.
Mittal remains an active philanthropist, with a “particular interest in child health,” according to his bio on the ArcelorMittal website.
His net worth is close to $24 billion, according to Bloomberg’s Billionaire Index.
Mittal could not immediately be reached, and ArcelorMittal did not immediately respond to a request for comment.
Sixth Street Partners
The private-equity firm made headlines earlier in the Celtics deal process over reports it was contributing more money than Chisholm, which would not be allowed under the NBA’s PE ownership rules. FOS can confirm it is anticipated that Sixth Street will hold a Celtics stake of about 12.5%, which is lower than its original commitment.
Sixth Street also owns a stake in the San Antonio Spurs. Under NBA ownership rules, a given private equity fund cannot own more than a 20% interest in any individual team, although it can own up to that size stake in as many as five franchises.
Sixth Street recently purchased a 10% stake in the San Francisco Giants. It has also invested in soccer teams FC Barcelona and Real Madrid, and owns a controlling share of Bay FC in the NWSL. The firm boasts more than $100 billion of assets under management.
Sixth Street declined to comment.
Robert Hale Jr.
Hale, president of Massachusetts-based telecommunications company Granite Communications, is already a minority stakeholder in the Celtics, having joined the ownership group as a limited partner in 2012. Forbes puts his net worth at $5.8 billion.
It is not clear what size stake he owns in the Celtics, nor how much he will put into the new deal. He did not immediately respond to a request for comment.
In addition to his leadership role at Granite, he is a cofounder of middle market investment firm Copley Equity Partners, which invests across numerous industries. The firm previously invested in professional lacrosse team the Boston Cannons in 2013, though it has since exited. The rest of its portfolio is not sports-related.
Bruce A. Beal Jr.
Beal, president of real estate development, investment management firm Related Companies, also owns a minority stake in the Miami Dolphins, in which he serves as vice chairman and partner.
Late last year, the former majority owner of the Dolphins, Stephen Ross, who founded Related Companies, sold part of his stake to private-equity firm Ares Management and Brooklyn Nets owners Joe Tsai and Oliver Weisberg. Ares picked up a 10% stake, with Tsai and Weisberg collectively acquiring a 3% interest.
Forbes estimates Beal’s net worth at more than $1 billion. He and his company did not immediately respond to requests for comment. It was not clear what size stake he will own in the Celtics and how much money he is contributing.
Beal, who in addition to Hale and Sixth Street were among the co-investors when the Celtics deal was first announced, received kudos then from NFL legend Tom Brady, who posted a story to Instagram, saying, “The Boston boy is an owner of his Boston team. Congratulations!”
