Basketball: Supporters behind record Celtics buy-out

The Boston Celtics has passed into the hands of a group of long-time fans who pledged to bring a championship back to the city. The agreement to buy the team for a league-record $360m (£230m) was announced in September and the NBA approved the deal late on Monday. The Celtics announced the sale had been finalised during Boston's 96-89 win over the Memphis Grizzlies on Tuesday.

The incoming owners take over from Paul Gaston, who succeeded his father, Donald, as owner in 1992. But the new owners said it was too soon to talk about making an imprint. "Today is a day for celebration, not for basketball operations," said Wyc Grousbeck, a venture capitalist. "We're going to roll up our sleeves quickly. I've got the keys to the office."

The price is the most paid for an NBA franchise, surpassing the previous high of $280m for the Dallas Mavericks in 2000. The franchise fee for a new team from Charlotte, North Carolina, is expected to be $300m.

The team is the second Boston sports franchise to change hands in the past 12 months. The Red Sox were bought by a group led by a Florida financier, John Henry, in February for $700m.

The Celtics also announced that shareholders, many of them fans who bought a few shares of the public company that owned a minority share in the team, would receive $27 per share. Payments are expected to be made before 31 March, at which point shares will cease trading on the New York Stock Exchange.