Longtime Boston Celtics owner Steve Pagliuca criticized the sale of the team to William Chisholm in an open letter. Pagliuca has been a co-owner since the Grousbeck family bought the team for $360 million in 2002 and was considered a favorite to take the majority ownership stake. Chisholm agreed to purchase the Celtics at a $6.1 billion valuation.
Pagliuca laid out why he felt his offer was superior and alluded to Chisholm’s being potentially loaded with burdensome debt.
“We made a fully guaranteed and financed offer at a record price,” Pagliuca said in his post. “We had no debt or private equity money that would potentially hamstring our ability to compete in the future.”
Pagliuca acknowledged the team’s upcoming tax situation in his letter and said he would not cut costs as owner.
“I recruited new partners with deep resources and expertise in technology and international markets to maximize the Celtics’ successes to ensure we can always compete for Championships, luxury taxes be damned,” he wrote.
Pagliuca also said his group will be prepared to step in if the Chisholm deal falls through.
“I will never stop being a Celtic, and if the announced transaction does not end up being finalized, my partners and I are ready to check back into the game and bring it home, to help continue what the Celtics do best—win,” he wrote.
