Indian steel magnate pitches in $1B to join new Boston Celtics ownership group: report

Aditya Mittal, CEO of ArcelorMittal and heir to one of India’s wealthiest families, is investing $1 billion into William Chisholm’s planned acquisition of the Boston Celtics, according to a report citing multiple people familiar with the transaction.The investment positions Mittal as the likely second-largest shareholder of the 18-time NBA champions and a potential alternate governor for the franchise in the future, the sports business news site Sportico reported on Thursday.Chisholm, who is leading the purchase, will become the team’s governor following the 2027-28 NBA season, taking over from longtime principal owner Wyc Grousbeck.The deal values the team at $6.1 billion in its initial stage, making it the most expensive control sale of a professional sports team to date.At the time of the agreement, the Chisholm group had not finalized full financing.In September, The Post reported that Grousbeck’s 90-year-old father, Irving Grousbeck, refused to absorb future losses that would inevitably arise from the team’s burgeoning payroll — thus forcing his 63-year-old son to put the franchise up for sale.The Celtics’ ownership transition was first announced in March, when Chisholm’s group agreed to buy the team in a two-part transaction, aligning with the Grousbeck family’s plan to phase out of control.Over recent weeks, the consortium has worked to raise capital and finalize the roles of existing minority investors.Mittal’s contribution helped close the remaining funding gap and solidify the deal.Mittal is the son of Lakshmi Mittal, executive chairman of ArcelorMittal, the world’s second-largest steel and mining company by revenue after China’s Baowu.Lakshmi Mittal built the business from the ground up, launching Mittal Steel in the late 1980s and orchestrating its merger with France’s Arcelor in 2006.His current net worth is estimated at $23.9 billion, according to Bloomberg.Mittal has served on Goldman Sachs’ board since 2008.Goldman Sachs ...