Wyc Grousbeck will step down as governor of the Boston Celtics as part of the team’s sale to Bill Chisholm for $6.1 billion, according to sources.
Grousbeck is expected to maintain his CEO position, as planned, and become an alternate governor after the sale is completed.
Sources from the league indicate that Chisholm and Grousbeck plan to run the team jointly, as originally planned.
The change in structure is due to league rules, which include minimum ownership requirements. Grousbeck will end up owning slightly less than the required 15% due to the final financing of the transaction.
The team’s operations should remain consistent, with Brad Stevens and Rich Gotham continuing to lead basketball and business operations, respectively.
When the sale was announced in March, it was stated that Grousbeck would remain as governor and CEO until 2028.
However, the NBA’s board of governors was recently informed that Chisholm will assume the title of governor in the future, according to sources.
The sale is expected to be completed next week.
Grousbeck, whose family leads the group that bought the Celtics in 2002 for $360 million, said in March that Chisholm asked him to stay on as CEO and governor for the next three seasons, adding that he was “happy to do so”.
Chisholm and his wife, Kimberly Ford Chisholm, are taking a practical approach within the Boston community by starting their property.
The Celtics have won a record 18 NBA titles, surpassed only by the New York Yankees (27) and the Montreal Canadiens (24) among all professional sports leagues in North America.
