US businessman James Pallotta has sold his stake in the National Basketball Association’s (NBA) Boston Celtics.
The Celtics are valued by Forbes at $3.1 billion, ranking them fifth in the NBA.
Sports Business : Pallotta also sold AS Roma for $700Mn in the first week of August
Pallotta led the group of investors which bought Roma from its previous owner in 2012, but earlier this month sold the club to Dan Friedkin, a US-based billionaire, in a deal worth €591 million ($700 million).
The sports business outlet reports that Steve Pagliuca, a managing director at investment firm Bain Capital and managing partner and executive committee member of the Celtics, is buying the minority share at a US$2.8 billion valuation.
Earlier this year, Forbes valued the Celtics at US$3.1 billion, making them the joint 20th most valuable sports team in the world. They are majority owned by US entrepreneur Wyc Grousbeck, who purchased the franchise for US$360 million in 2002.
On the court, the Celtics face defending NBA champions the Toronto Raptors in the Eastern Conference semi-finals on 27th August after completing a 4-0 sweep of the Philadelphia 76ers. The team are chasing their first national title since 2008.