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The owners of the Boston Celtics have retained JPMorgan Chase and BDT & MSD to facilitate the sale of the NBA franchise, according to someone with direct knowledge of the process.
The two firms will work together in the sale, said the person, who was granted anonymity because the details are private.
It’s a prestige contract: the Celtics, one of the most recognizable brands in U.S. sports, are expected to fetch more than anyone has ever paid for control of an NBA team.
Representatives for the Celtics, JPMorgan and BDT & MSD didn’t immediately respond to requests for comment.
The Celtics owners announced the sale last month, less than two weeks after the franchise won its NBA-record 18th championship.
Wyc Grousbeck, the team’s governor, later said he wants the sale to happen in two phases—51% now and the rest in 2028, with the provision that he stays in control until the second transaction closes.
Sportico values the Celtics at $5.12 billion, fourth-most in the NBA and 21st among all U.S. franchises.
The highest valuation ever set in an NBA control sale was $4 billion, from Mat Ishbia‘s 2022 purchase of the Phoenix Suns.
Grousbeck’s group bought the Celtics in 2002 for $360 million.
The consortium, which includes Bain Capital senior advisor Steve Pagliuca and Abbey Group founding partner Bob Epstein, is named Banner 17 for their desire to win the Celtics’ 17th title, which was accomplished in 2008.
