Steel Nerves, Celtic Dreams: Aditya Mittal’s $1 Billion Bet Sparks Boston’s Biggest Sports Shake-Up

Indian steel mogul Aditya Mittal, CEO of ArcelorMittal and member of one of India's wealthiest families, is making headlines with a record $1 billion investment in Boston Celtics, the second-largest owner of the storied NBA franchise. Mittal is on board as part of William Chisholm's record $6.1 billion purchase—the highest price ever paid for a U.S. sports team—where Chisholm's group is assuming a 51% ownership stake this year, full control hoped to be realized by 2028.

 

Mittal's investment, facilitated by overtures from Chisholm and existing governor Wyc Grousbeck, filled the financing gap and will make him Celtics alternate governor subject to NBA ratification this summer. The deal not only brings foreign capital to Boston but also marks a new era of global ownership in the NBA, with private equity house Sixth Street and telecom executive Robert Hale rounding out the new syndicate.

 

A keen Celtics fan, Mittal's investment is expected to awaken fresh ambitions for the legendary franchise and serve as a benchmark for foreign engagement in US sport. Meanwhile, as Boston gets to know its new billionaire backer, the sporting and commercial landscape of Boston is in for a dramatic transformation.

 

Source: New York Post, Reuters, Boston Globe, Sports Business Journal