MARY LOUISE KELLY, HOST:
The defending NBA champions, the Boston Celtics, are set to be sold for $6.1 billion. The would-be buyers - an investor group led by venture capitalist and reported diehard fan William Chisholm. And the price tag is the highest sales price for any U.S. sports franchise. We're joined by Esteban Bustillos of GBH in Boston. Hi there.
ESTEBAN BUSTILLOS, BYLINE: Hi, Mary Louise.
KELLY: Were we expecting this sale?
BUSTILLOS: Yeah. So the current majority owners, the Grousbeck family, they had announced their intention to sell the team last year. Now, four prospective buyers had recently been reported on, including Chisholm. But now it's official, and all that really remains is the approval from the NBA Board of Governors. And current co-owner Wyc Grousbeck is slated to remain team governor and oversee operations through the 2027 and '28 NBA season.
KELLY: Circle back to that price tag - $6.1 billion.
BUSTILLOS: Yeah.
KELLY: How did we get quite there?
BUSTILLOS: Right. So obviously it's a lot of money. Now, Andrew Zimbalist, an economist at Smith College, points out that the Celtics are maybe the premier NBA franchise. Sorry, Lakers. And while the NBA has stayed steady, with 30 teams since 2004, outside factors like population and incomes in the U.S. have grown, which has helped to make franchises more valuable.
ANDREW ZIMBALIST: So all these sources of revenue and demand - demand for top-level professional basketball in the United States - all those sources have grown at the same time that the supply of franchises has stayed steady.
KELLY: Now, we said the last remaining item is this all has to be approved by the NBA. Is that likely?
BUSTILLOS: Yeah, it seems at least fairly likely. Victor Matheson, an economist at the College of the Holy Cross, says the only concern is if the source of the finances is not nearly as stable as it appears, but otherwise, he imagines this will be smooth sailing for the new guys.
VICTOR MATHESON: So the NBA will do some due diligence about whether, you know, this ownership group really does have the financial capacity to run a Celtics team in the way the NBA wants a Celtics team to run.
KELLY: Well, that prompts a last question, Esteban. Are the new owners expected to bring new ideas? Any changes you're watching for at the organization?
BUSTILLOS: Yeah, yeah. I think it's going to be a gradual transition. Now, the C's, obviously they have a championship-caliber franchise. The real question is - will the new ownership be willing to continue to spend money on a roster that is expected to be the most expensive in NBA history by next season?
KELLY: That is Esteban Bustillos of GBH 瓜神app in Boston. Thanks for your reporting.
BUSTILLOS: Thanks, Mary Louise.
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