Bloomberg Intelligence Podcast

Episode: Bill Chisholm Group Reaches $6.1 Billion Deal to Buy Boston Celtics

Date: March 20, 2025
Hosts: Scarlet Fu and Paul Sweeney
Featured Guest: Scott Soshnick (Editor-in-Chief, Sportico)

Episode Overview

This episode centers on the record-setting $6.1 billion agreement led by Bill Chisholm and STG Partners to acquire the Boston Celtics. The hosts, joined by Sportico’s Scott Soshnick, examine what this deal means for NBA franchise valuations, media rights, and global expansion. The conversation also briefly pivots to investor portfolio strategies and offers insight into Tesla’s recent challenges, but the focus is the Celtics deal and its ramifications for the sports business landscape.

Key Discussion Points & Insights

1. Setting a New Record for Franchise Valuations

• The Chisholm consortium’s $6.1B purchase of the Boston Celtics surpasses previous records for pro sports franchises, including the NFL's Washington Commanders.

• Notably, this NBA transaction comes despite the team owning no real estate; the Celtics are tenants in a building owned by the Bruins’ parent company.

  "It’s the most ever paid for a professional sports franchise, topping Josh Harris’s $6 billion purchase of the Commanders. ... For this to happen in the NBA is quite extraordinary."
  — Scott Soshnick, 02:24

• The deal is based on two tranches: an immediate $6.1B valuation, and a future tranche at $7B, potentially accounting for inflation. The blended figure impresses the NBA and its owners, setting a precedent for upcoming expansion bids.

2. How the Celtics Compare to Other Sports Franchises

• NBA franchise values are soaring, approaching and even exceeding those in traditional sports revenue leaders like the NFL and European soccer teams.

  "You want to talk about the valuation of sports franchises ... this Boston Celtics, they're getting a rich valuation, aren't they?"
  — Paul Sweeney, 01:41

• Part of the appeal: recent NBA media deal renewals, especially the lucrative contracts with Turner and ESPN, nearly tripling previous values.

  "They just re-up with ... Turner and ESPN, an almost 3x deal from the last time. ... The media rights are incredibly valuable."
  — Scott Soshnick, 03:12

• Despite renting their arena, the Celtics’ global brand and championship status drive demand, though the team is projected to lose $70 million in the upcoming year.

  "All the ownership has is the team, ... but they do not own the building ... It's going to be really interesting to see ... how they can squeeze some more value out of it."
  — Scott Soshnick, 03:30

3. Background on Bill Chisholm and the Buyer Group

• Bill Chisholm is a local, lifelong Celtics fan, Dartmouth grad, and STG co-founder with an investment banking background—though little prior sports investment experience.

• There were four credible bidders, including current Celtics limited partner Steve Pagliuca, but reportedly no bidding war once the price topped $6B.

  "He grew up a Celtics fan. ... From a sports perspective, we don’t have anything. ... He didn't approach this number. Thus he's happy to sit it out."
  — Scott Soshnick, 04:11

• The NBA reportedly wanted the price to start at $6B, to set expansion pricing benchmarks. Expected expansion cities: Seattle, Las Vegas.

  "The NBA is also about to embark on an expansion process ... This sets a very high number for those two new markets. So everybody's happy across the board if you're interested in NBA valuations."
  — Scott Soshnick, 04:55

4. Media Rights, Regional Challenges, and Global Growth

• NFL franchises are nationally syndicated, heavily insulated by national broadcast deals. NBA teams depend both on lucrative national contracts and some regional sports network (RSN) revenue—though RSNs (“melting glaciers”) are in decline.

• The NBA’s global reach (notably in China, Europe) and innovative micro-transaction models help build and monetize international fanbases.

  "The NBA...you can buy the last five minutes of a game, you can buy pieces of games. They are very strong on social, they are very strong globally. These are really dominant brands around the world."
  — Scott Soshnick, 05:51

• The big challenge for the NBA: "I've got the eyeballs. How do I monetize it in a new media world?"
  — Scott Soshnick, 06:50

• Future growth: Exploiting global opportunities, possible European league. NBA outpaces the NFL in building a worldwide following due to basketball’s international popularity.

  "The NBA leads the sports leagues in global eyeballs. That is certainly an area of focus for all basketball teams."
  — Scott Soshnick, 07:54

5. Notable Quotes & Memorable Moments

• On the Price:
  "It’s the most ever paid for a professional sports franchise..."
  — Scott Soshnick, 02:24

• On Media Rights:
  "The NBA does rely some on local media money, but that national number is also so high ... If you look at the aggregation of eyeballs, it might not be people sitting down in front of the TV ... but you’ve got people's attention."
  — Scott Soshnick, 05:51

• On Global Expansion:
  "Basketball, unlike football ... it is not happening as fast as the NBA. That is a big advantage."
  — Scott Soshnick, 07:27

• On Squeezing Value:
  "A global audience would be the place I would start ... The NBA leads the sports leagues in global eyeballs."
  — Scott Soshnick, 07:54

• Personal Moment:
  Paul teases Scott about his “crazy hockey dad” persona and his weekends at rinks supporting his son.
  — 08:02

Key Timestamps for Fast Reference

• [01:41-02:59] Opening: Celtics Sale, Record Valuation
• [03:12-04:06] Media Deals & Unusual Aspects of the Celtics Sale
• [04:06-04:51] Who is Bill Chisholm? The Bidding Process
• [04:51-05:46] NBA's Expansion Plans, Setting New Baselines
• [05:51-07:02] Media Rights, Regional Sports Network Challenges
• [07:02-07:59] Globalization & New Revenue Models
• [08:02-08:28] Personal Notes: "Crazy Hockey Dad" (lighter segment)

Additional Segments Covered (Briefly)

• Portfolio Diversification & Stagflation: Interview with Sandy Bragger (09:04–12:41)
• Tesla Recall & EV Market Dynamics: Analysis with Craig Trudelle (14:55–21:23)

Summary

This episode takes a close look at the eye-popping $6.1 billion Boston Celtics acquisition as a watershed moment in sports franchise valuations. The conversation explores what justifies such a sum—focusing on media rights, the Celtics brand, and the NBA's global ambitions—while explaining the strategic thinking behind the NBA’s posture on expansion and media monetization. Scott Soshnick’s insights shed light on industry-wide shifts, the Celtics’ unique standing, and challenges ahead for major league sports ownership in a changing media ecosystem.

For NBA fans, sports business analysts, and market-watchers alike, this episode provides an essential breakdown of why the Boston Celtics deal matters, and what it signals for the future of global sports franchises.