In 1962, Gaston became treasurer and controller of Gulf and Western Industries. In 1966 he was elected to the company's board of directors. In 1967 he was elected to the board of directors of Famous Players Canadian Corporation, a Canadian theater chain owned by Gulf and Western subsidiary Paramount Pictures. Later that year, he was elected Executive Vice President of Gulf and Western. He also served on the board of Gulf and Western subsidiaries Roosevelt Raceway, the Providence Washington Insurance Company, and the Madison Square Garden Corporation.
In 1979, the U.S. Securities and Exchange Commission accused Gaston and company Chairman Charles Bluhdorn of a number of securities violations. The case was settled in 1981 and Gaston and Bluhdorn were not required to pay any restitution.
In 1982 Gaston formed Richfield Holdings Ltd., an investment group that purchased Providence Capitol Insurance Company and Famous Players Canadian Corporation from Gulf and Western for $350 million. He resigned from Gulf and Western once the sale was completed.
In 1983, Celtics owner Harry T. Mangurian, Jr. was on the verge of selling the team to Steve Belkin. However, when it was revealed that two of Belkin's business associates were convicted bookmakers, the negative publicity led Belkin to withdraw his bid. Twenty-four hours after the Belkin deal fell through, Gaston, who desired to purchase either the New York Knicks or the Boston Celtics, began negotiations to purchase the team. On August 9, 1983, Mangurian sold the team to Gaston, Paul Dupee, and Alan N. Cohen for $15 million. During Gaston's tenure as owner, the Celtics won two championships (1984 and 1986). Gaston's ownership group also began offering public stock in the team on the New York Stock Exchange. The team also branched out into media ownership by purchasing WFXT-TV and WEEI in September 1989. In 1993, Gaston's son, Paul Gaston, took control of the team.
Harry T. Mangurian, Jr.
|Boston Celtics principal owner
with Alan N. Cohen and Paul Dupee
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