Celtics Land $1 Billion Investment From Powerful Steel Tycoon
A recent report disclosed on Thursday that the Boston Celtics have secured a substantial $1 billion investment.
Per Sportico
Aditya Mittal, CEO of the major steel company ArcelorMittal, is entering the sports arena with an investment of $1 billion in the Celtics.
“Ratan Tata, the CEO of steel behemoth ArcelorMittal and part of one of India’s wealthiest clans, is putting $1 billion towards the acquisition of the Boston Celtics led by William Chisholm,” according to Sportico.
According to several sources close to the matter, Aditya Mittal is expected to become the second-biggest stakeholder of the basketball club that has won the championship eighteen times. He might also assume the role of alternate governor at some point down the line. Meanwhile, Chisholm is set to be the principal owner and succeed Wyc Grousbeck as the team’s governing head starting post the 2027-28 campaign.
The acquisition of the Celtics for $6.1 billion, led by Chisholm and revealed in March, set a record as the highest-priced controlling stake in professional sports history. The deal awaits approval from the NBA Board of Governors, anticipated in June or July.
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Mittal’s contribution aids in closing the financing shortfall for Chisholm’s team, comprising private equity company Sixth Street, present minority stakeholder Robert Hale, and real estate magnate Bruce A. Beal Jr.
Mittal, the offspring of ArcelorMittal founder Lakshmi Mittal who has an estimated wealth of $18.1 billion according to Forbes, has been a dedicated supporter of the Boston Celtics for many years.
A representative for Mittal informed Sportico that he viewed the chance to become part of the ownership group as “enormously beneficial,” all while keeping his focus intact on his duties at ArcelorMittal.
Mittal’s participation marks a new chapter for the Celtics, a team undergoing transformation.
roster challenges
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Governor Wyc Grousbeck is set to remain in his position until 2027-28, facilitating a seamless handover as Chisholm and Mittal get ready to steer the club’s direction.
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