The Boston Celtics have been sold to William Chisholm, the managing partner of Symphony Technology Group, for a record $6.1 billion, the current ownership announced Thursday. 

The deal still needs approval from the NBA’s Board of Governors, but if approved, will go into effect this summer. The Celtics’ current CEO and governor Wyc Grousbeck will remain in those roles through the 2027–2028 NBA season. Sixth Street, private equity firm, will also buy a portion of the team, putting up more than $1 billion in the sale. 

“Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area,” Grousbeck said in a statement. “His love for the team and the city of Boston, along with his chemistry with the rest of the Celtics leadership, make him a natural choice to be the next governor and controlling owner of the team.”

The Celtics went up for sale last July, shortly after winning their 18th championship—the most of any team in the NBA. Grousbeck and his team first bought the Celtics in 2002 for $360 million. Now, the team has sold for over 20 times that. 

“Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life,” said Chisholm in a statement. “I understand how important the Celtics are to the city of Boston—the role the team plays in the community is different than any other city in the country. I also understand that there is a responsibility as a leader of the organization to the people of Boston, and I am up for this challenge.”

The ownership group will also include Boston businessman Rob Hale, who is already a team owner, and Bruce Beal Jr., president of real estate firm Related Companies.