BOSTON (AP) — Private equity mogul William Chisholm agreed to buy the Boston Celtics on Thursday in a deal that values the NBA’s reigning champions and the most-decorated franchise in league history at a minimum of $6.1 billion — the largest price ever for American professional sports team.

If the deal is approved by the NBA’s board of governors this summer, the sale would top the $6.05 billion paid for the NFL’s Washington Commanders in 2023.

A Massachusetts native and graduate of Dartmouth College and Penn’s Wharton School of business, Chisholm is the managing partner of California-based Symphony Technology Group. The new group also includes Boston businessmen Rob Hale, who is a current Celtics shareholder, and Bruce Beal Jr.

“Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life,” Chisholm said 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.”

Wyc Grousbeck, whose family leads the ownership group that bought the team in 2002 for $360 million, said Chisholm asked him to stay on as CEO and Governor for the next three seasons, “and I am glad to do so.”

The agreement calls for a two-part sale in which Chisholm would acquire at least 51% of the team upon approval by the NBA’s board of governors, which could come as soon as this summer. Current owners would have the option to retain the remainder of their shares until 2028, when they would be sold at a price that could be up to 20% higher, based on a formula determined by league revenue growth.

That would value the team at $7.3 billion. Chisholm outbid at least two other groups.