“He has asked me to run the team as CEO and Governor for the first three years, and stay on as his partner, and I am glad to do so,” said Wyc Grousbeck regarding William Chisholm. After the former Celtics owner announced the sale of his team right after it won the 2024 NBA championship, it took less than a year before a sale was announced. After 23 years, the control of the NBA franchise was switched from Grousbeck to investor William ‘Bill’ Chisholm at the price of a whopping $6.1 billion. However, the former owner wasn’t set to completely cut ties with the Celtics, as he earlier revealed that he will continue to run the Celtics as CEO and governor through the 2027-28 NBA season.

Well, 5 months after the sale announcement, complications have emerged. Yesterday, Shams Charania announced that Wyc Grousbeck will no longer stay on as governor. The role, instead, will be picked up by Chisholm when the transfer of the team is finalized. This led many people to ask: What happened? Did a rift emerge between Grousbeck and Chisholm? Did Grousbeck decide to cut ties with the Boston Celtics completely? Fortunately, the reality isn’t as dramatic.

Why won’t Wyc Grousbeck remain Celtics governor?

According to reports, the decision not to have Grousbeck stay on as Governor was made after the league rules were given a closer look. According to them, the NBA reportedly doesn’t allow a person to act as governor if they don’t own at least 15% of the team. Chisholm and his investor group are set to take at least a 51% stake from Grousbeck after the sale is finalized, while the remaining shares owned by the Grousbeck family will be sold off by the 2027-28 season. It was earlier presumed that Wyc Grousbeck would remain in control as lead governor until then, and exit once all shares are sold off. However, he has chosen to take an early exit now.

Fortunately, Grousbeck will remain with the Boston Celtics as an alternate governor instead. The league rules state that an alternate governor can own any stake in the team and fill in for an absent governor. On top of that, Grousbeck is also reportedly expected to retain the CEO title. Additionally, according to sources, Chisholm and Grousbeck will run the team together, as was originally planned.

Will Bill Chisholm have the percentage stake to be the lead governor?

While the Boston Celtics were purchased by Bill Chisholm’s ownership group, it is important to remember that his stake with the team, as of now, remains unclear. Aditya Mittal, the CEO of the global steel giant ArcelorMittal, reportedly made a whopping $1 billion investment. Therefore, his stake is expected to be one of the largest shareholders.

On top of that, the private equity firm Sixth Street, which has also invested in the San Antonio Spurs, will also hold a significant stake. However, being private equity firms, they must serve as silent partners. The stakes of current Celtics minority owner Robert Hale will reportedly increase after the sale. More information about this will be known only after the sale is approved by the NBA Board of Governors.

Will Bill Chisholm be a good Celtics governor?

There is no denying that the Celtics would have been much better managed if Wyc Grousbeck had stayed longer. His expertise would have come in handy, especially now, when the futures of both Jayson Tatum and Jaylen Brown are at an uncertain stage. However, as mentioned above, Grousbeck might not be the lead governor, but he isn’t going anywhere. He will continue to advise Bill Chisholm as he adjusts to his new role, both as owner and governor.

As ‘Front Office Sports’ reporters Dennis Young and Margaret Fleming said, “the private equity executive was a little-known figure in sports and business before agreeing to buy an NBA team”. After all, before this, the investor had not chosen to take risks with any other sports team. When he finally decided to do it, he became part of purchasing one for $6.1 billion, which is a new record sale price for a North American pro team! However, by his admission, Chisholm is a lifelong Celtics fan with an “encyclopedic knowledge” of the team. Therefore, he certainly brings a certain level of in-depth knowledge to the Governor role. Plus, to make his investment count, he will be willing to learn anything he doesn’t know from Wyc Grousbeck.

It’s unfortunate news about Wyc Grousbeck. However, along with Bill Chisholm, he can continue to maintain the Boston Celtics as a championship-contending roster.