The sale of the Boston Celtics was finalized on Tuesday, with private equity mogul Bill Chisholm taking over control of the NBA’s most-decorated franchise from a group led by Wyc Grousbeck that had owned them for more than two decades.

A group headed by Bill Chisholm is set to take control of the Boston Celtics after the NBA Board of Governors unanimously approved the sale on Wednesday.

The NBA has formally approved the sale of the Boston Celtics to an investor group led by Bill Chisholm. The league's approval comes nearly five months after the Celtics' ownership agreed to sell the franchise to Chisholm for $6.1 billion, a record for the most a North American professional sports franchise has ever sold for.