The Boston Celtics‘ new ownership group just received a $1 billion boost.
Sportico reported on Thursday that Aditya Mittal, CEO of ArcelorMittal, joined the new ownership group led by William Chisholm with the massive investment.
Sportico added that Mittal could also become the Celtics’ alternate governor as he is likely the second-largest stakeholder.
Chisholm will take over as the team governor from longtime owner Wyc Grousbeck after the completion of the transaction following the 2027-28 NBA season.
The Celtics were sold to Chisholm and Mittal’s group for $6.1 billion, the largest sale for an NBA franchise to date. Their group is expected to assume 51% control of the organization this year.
Who is Aditya Mittal?
Aditya is the 49-year-old son of Lakshmi Mittal, executive chairman of ArcelorMittal, the world’s second-largest steel and mining company. The elder Mittal has a current net worth of $23.3 billion, per Bloomberg. He is a Goldman Sachs board member since 2008.
Goldman Sachs has served as the financial advisor for Chisholm’s group during the sale process, according to Sportico.
Born in India and raised in Indonesia, Adtiya Mittal holds a bachelor’s degree in economics from the Wharton School of University of Pennsylvania. He was appointed CEO of the ArcelorMittal in 2021, succeeding his father.
Adtiya Mittal currently resides in London, but is a longtime Celtics fan.
“Aditya has long been a huge supporter of the Boston Celtics,” a spokesperson for Mittal said in a statement to Sportico.
“When Wyc and Bill approached Aditya, he saw it as a tremendous opportunity to get involved with this incredible team. Obviously, he remains super focused on ArcelorMittal and also very much looks forward to supporting the team further.”
Other investors in the new Celtic ownership group include current stakeholder Rob Hale and Bruce A. Beal Jr., president of Related Companies.
Celtics Eye Major Roster Shakeup Amid Rising Payroll
Jay King of The Athletic reported in the aftermath of the Celtics’ second-round exit that the team is mulling “significant changes” to the roster amid the rising cost of keeping their veteran core intact.
“Because of a payroll that would reach about $500 million if the Celtics simply hold onto their current roster, the front office was already thinking about significant offseason changes before Tatum’s injury, according to team sources,” King wrote.
The Athletic report only confirmed what everyone has been suspecting, which ESPN’s Shams Charania reported on May 1.
“The rest of the league is bracing for some level of change to come to the Celtics roster this offseason,” Charania said on “The Pat McAfee Show” at the time. “Sources have been telling me for weeks now that the Celtics will be exploring trade options in the offseason.
“This iteration just is not going to be sustainable for this team and no one around the organization – from players to staffers – would be surprised if there are changes coming to this roster. Because when you think about the new Collective Bargaining Agreement, there’s restrictions that come with trades, there’s restrictions that come with freezing of draft picks. That’s all stuff that they’re dealing with right now.”
