Aditya Mittal, the CEO of steel giant ArcelorMittal, has agreed to invest $1 billion into a group purchase of the Boston Celtics, Sportico and Bloomberg reported Thursday.
A member of one of India's wealthiest families, Mittal reportedly could become the second-largest stakeholder of the Celtics and potentially serve as the alternate governor down the road.
The top stakeholder will be William Chisholm, whose group reached a deal to purchase the Celtics in March for a whopping $6.1 billion -- the highest price tag in U.S. sports team history. Chisholm, a private equity firm executive, is expected to take over as team governor after the 2027-28 season.
While the agreement was not fully financed at the time of the deal, Chisholm and his group have raised funds over the past few weeks with Mittal's investment bringing the group closer to the agreed-upon price.
Mittal is the son of Lakshmi Mittal, executive chairman of ArcelorMittal, which Forbes reports is the largest steel and mining company in the world by output that generates some $68 billion in revenue. In addition, Lakshmi Mittal also sits on the board of Goldman Sachs, the financial adviser for Chisholm's group.
