Boston billionaire businessman Jim Pallotta is proceeding with another sale of his professional sports ownership portfolio, with Sportico reporting Friday that Pallotta is spinning off his minority ownership in the Boston Celtics to the team’s managing partner, Steve Pagliuca.
Earlier this month, Pallotta sold his Italian Serie A soccer team AS Roma to the Houston-based Friedkin Group.
According to Sportico, Pagliuca will purchase Pallotta’s eight percent stake of the NBA franchise, which has been valued at $3.1 billion by Forbes.
Jonathan Gasthalter, a spokesperson for Pallotta, declined to comment on the report.
Pagliuca is an alternate governor and one of four managing partners of the Celtics, with Wyc Grousbeck serving as the CEO and governor.
Pallotta was one of the founding investors of the Grousbeck-led ownership group that purchased the Celtics for $360 million in 2002.
Pallotta became primary owner of AS Roma in 2011, paying an estimated $100 million in 2011. He sold the team to Friedkin for an estimated $700 million.
Pallotta, 62, founded the investment management firm Raptor Group eight years ago. Before then, he worked at Tudor Investment Corporation.