Madison Square Garden Sports' (MSGS) shares rose almost 2% in recent Thursday trading after Boston Basketball Partners said it has agreed to sell professional basketball team Boston Celtics to an investor group led by William Chisholm at a $6.1 billion valuation.
Madison Square Garden Sports owns New York Knicks, which has a long-standing rivalry with Boston Celtics dating back to the National Basketball Association's early days.
The deal, pending NBA's approval, is expected to take place this summer, with Wyc Grousbeck remaining chief executive and governor of Boston Celtics until 2028, Boston Basketball Partners said Thursday.
The investor group also includes Rob Hale, the team's current owner, Bruce Beal Jr., president of real estate giant Related Companies, and global investment firm Sixth Street, among others, Boston Basketball Partners said.
Price: 198.44, Change: +3.76, Percent Change: +1.93
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