Celtics, AS Roma Owner Accused of Squeezing Out Small Investors

James Pallotta, the billionaire co-owner of the Boston Celtics and Italy’s AS Roma pro soccer club, was hit with a Delaware lawsuit claiming he restructured insider loans to the soccer team as equity interests with top payout priority if he sells his stake, as he’s allegedly planning to do.

“This case is about people who control the day-to-day management of a company trying to wipe out the economic interests of the company’s minority members through a nakedly self-interested transaction,” the Chancery Court suit says.

The partly redacted complaint was filed by several private equity investors, including both individuals and entities. ...