The Celtics officially announced the sale of the team to Bill Chisholm’s group and explained how Wyc Grousbeck fits into the new ownership structure.

The Boston Celtics have a new owner, and there's one thing that isn't going to change at the NBA's most-decorated franchise."Coming in second is not the objective, and it’s not acceptable," private equity mogul Bill Chisholm said Tuesday after taking control of the team from Wyc Grousbeck.

New owner William Chisholm's investor group will lead the team and former owner Wyc Grousbeck will serve as team CEO.