Sports' Saturday: Top sports news in private equity

The NBA has unanimously approved the sale of the Boston Celtics to a consortium led by private equity veteran Bill Chisholm, in a record-breaking deal valuing the team at more than $6.1bn, the highest price ever paid for a US professional sports franchise.

Chisholm will take immediate control of at least 51% of the Celtics, with the option to acquire full ownership by 2028, potentially lifting the total transaction value to $7.3bn.

The deal surpasses the $6.05bn paid for the NFL’s Washington Commanders in 2023 and more than doubles the NBA’s previous record of $4bn for the Phoenix Suns.

Zaria Group, led by former Toronto Raptors executive Masai Ujiri, has opened its first sports-themed hotel in Kigali, Rwanda, with backing from African private equity firm Helios Investment Partners, according to a report by Semafor.

The $26m property, Zaria Court, is designed as a template for a planned chain of hotels and sports venues across Africa.

The Kigali site features 80 rooms, a 2,000-seat arena for basketball and concerts, two five-a-side football pitches, a gym and wellness centre, a sports bar, and a playground park. Rwanda’s government supported the project by providing land, with President Paul Kagame and Nigerian industrialist Aliko Dangote attending the July opening.

Read more here.

L Catterton, the consumer-focused private equity firm backed by LVMH, has acquired a majority stake in Oregon-based putter brand L.A.B. Golf in a deal valuing the company at over $200m, according to a report by the Wall Street Journal.

The transaction represents one of the largest premium golf equipment investments in decades and signals growing private equity interest in performance-focused sports and lifestyle brands. It is the biggest putter acquisition since Callaway purchased Odyssey for $130m in 1997.

Founded on the concept of “lie angle balance,” L.A.B. Golf has emerged as a disruptive force in the equipment market. Its distinctive putter designs, engineered to minimise torque and face manipulation during strokes, have earned acclaim on professional tours worldwide.