Aditya Mittal, CEO of the steel giant ArcelorMittal, has agreed to invest one billion dollars in the purchase of the Boston Celtics.
This was reported by Bloomberg, among others, on Thursday. Mittal, a member of one of India’s wealthiest families, could become the second-largest shareholder in the Celtics and possibly take on a role with the NBA team.
Record Price for the Boston Celtics
The main shareholder will be William Chisholm, whose group reached an agreement in March to buy the Celtics for an impressive $6.1 billion – the highest price in the history of US sports teams.
The Washington Commanders from the NFL were previously the most expensive sports team at $6.05 billion. Chisholm, a manager of a private equity firm, is expected to take over as team governor after the 2027/28 season.
Steel Mogul from India Joins the NBA
At the time of the deal, financing was not fully secured, but Chisholm and his group have raised funds in recent weeks.
Mittal’s investment brings the group closer to the agreed price. Mittal is the son of Lakshmi Mittal, the Executive Chairman of ArcelorMittal, which Forbes says is the world’s largest steel and mining company with approximately $68 billion in revenue. Lakshmi Mittal also sits on the board of Goldman Sachs, the financial advisor to Chisholm’s group.
This investment could have a lasting impact on the dynamics within the NBA and the league’s financial landscape. The Celtics, one of the NBA’s most storied teams, face an exciting future under new leadership. This could also make it easier for the dethroned champion to keep its top players, as new owners in US sports typically invest in the team to win over fans and the media.