Trans-National Communications, Inc. was a

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

based

Holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

that owned the

Boston Celtics The Boston Celtics ( ) are an American professional basketball team based in Boston. The Celtics compete in the National Basketball Association (NBA) as a member of the Atlantic Division (NBA), Atlantic Division of the Eastern Conference (NBA), ...

of the

National Basketball Association The National Basketball Association (NBA) is a professional basketball league in North America composed of 30 teams (29 in the United States and 1 in Canada). The NBA is one of the major professional sports leagues in the United States and Ca ...

and the

Oakland Seals The California Golden Seals were a professional ice hockey club that competed in the National Hockey League (NHL) from 1967 to 1976. Based in Oakland, California, they played their home games at the Oakland–Alameda County Coliseum Arena. The ...

of the

National Hockey League The National Hockey League (NHL; , ''LNH'') is a professional ice hockey league in North America composed of 32 teams25 in the United States and 7 in Canada. The NHL is one of the major professional sports leagues in the United States and Cana ...

. Trans-National Communications was founded in 1968 by Ellis E. "Woody" Erdman, a radio station owner, and William Creasy, a television producer for

CBS Sports CBS Sports is the American sports programming division of Paramount Global that is responsible for sports broadcasts carried by its broadcast network CBS and streaming service Paramount+, as well as the operator of its cable channel CBS Sports N ...

. Erdman wanted to create an investment group with former professional athletes and use their celebrity power to sell the product. TNC's celebrity investors were

Pat Summerall George Allen "Pat" Summerall (May 10, 1930 – April 16, 2013) was an American professional American football, football player and television sportscaster who worked for CBS Sports, CBS, Fox Sports (USA), Fox, and ESPN Sunday Night Football, ESP ...

Whitey Ford Edward Charles "Whitey" Ford (October 21, 1928 – October 8, 2020), nicknamed "the Chairman of the Board", was an American professional baseball pitcher who played his entire 16-year Major League Baseball (MLB) career with the New York Yankees. ...

, Dick Lynch, and Jim Katcavage. Trans-National Communications holdings included over 100 radio stations, the radio broadcast rights to the

New York Jets The New York Jets are a professional American football team based in the New York metropolitan area. The Jets compete in the National Football League (NFL) as a member of the American Football Conference (AFC) AFC East, East division. The team p ...

and the

New York Giants The New York Giants are a professional American football team based in the New York metropolitan area. The Giants compete in the National Football League (NFL) as a member of the National Football Conference (NFC) NFC East, East division. The ...

, the Bank of

Philadelphia Philadelphia ( ), colloquially referred to as Philly, is the List of municipalities in Pennsylvania, most populous city in the U.S. state of Pennsylvania and the List of United States cities by population, sixth-most populous city in the Unit ...

, film companies, and farms. On March 2, 1969, Trans-National Communications purchased the

from Barry Van Gerbig for $4.5 million. TNC's control of the Seals ended after one season after they missed a payment to van Gerbig and fell into default. On August 13, 1969, Trans-National Communications purchased the Boston Celtics for a record $6 million. TNC and its president Woody Erdman attempted to use profits from the Celtics to cover the losses from the company's bad investments. As a result, the team struggled to pay its bills. Some businesses refused to take checks from the Celtics while TNC owned them and General Manager

Red Auerbach Arnold Jacob "Red" Auerbach (September 20, 1917 – October 28, 2006) was an American professional basketball coach and executive. As a head coach in the National Basketball Association (NBA), he led the Boston Celtics to an unprecedented champio ...

had to pay some bills out of his own pocket. Auerbach described Erdman as "the absolute worst" owner he had ever worked for. Control of the team reverted to Investors Funding Corporation in 1971 after TNC fell into financial default. In 1972, Trans-National Communications filed for

Chapter 11 bankruptcy Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, w ...

References

{{reflist Boston Celtics owners Companies based in New York City Holding companies established in 1968 American companies disestablished in 1972 Holding companies disestablished in 1972 Companies that filed for Chapter 11 bankruptcy in 1972 Holding companies of the United States California Golden Seals owners American companies established in 1968