It’s hard to downplay the effect capitalism is having on professional sports these days. Logos appear on jerseys in both the NBA and MLB and there are sponsorships on fields and courts these days as well.
Now, a major sale of one of the NBA’s biggest and most storied franchises has been made to private equity in a move that could end up spelling disaster for the NBA, as private equity tends to buy things, maximize profits, and then gut them, forcing bankruptcy.
“BREAKING: Bill Chisholm, managing partner at Symphony Technology Group, has agreed to purchase the Boston Celtics from the Grousbeck family for a valuation for $6.1 billion, sources tell ESPN. This now is the largest sale for a sports franchise in North America,” reported ESPN’s Shams Charania on Thursday morning.
Fans reacted to the news on social media.
“The Grousbecks going all in for rings so they won’t have to deal with the 2nd apron restrictions later is such genius,” one fan wrote on Twitter.
“It is interesting some of these Owners are getting out now, particularly with 2 new franchises about to be added. That’s a promise of giant cash influx that some owners are forgoing for a payday now,” one fan added.
“It feels so (messed) up that totally anonymous private equity guys can partner with Goldman Sachs to drop $6B on a sale like this. All sports ownership groups should be eccentric local weirdo families who owned a minor factory in 1927,” another fan added.
Hopefully, the NBA doesn’t go on to regret allowing this sale.
