Ownership Of NBA Champion Boston Celtics To Sell Team

The ownership group for the NBA champion Boston Celtics’ has declared its intention to sell the team. Boston Basketball Partners LLC has plans to sell most of its interests in 2024 or early 2025. The statement was made on Monday. The remaining shares would close in 2028.

Wyc Grousbeck, whose family owns a majority stake in the franchise. Will continue serving as governor. “The controlling family of the ownership group. After considerable thought and internal discussion. We have decided to sell the team for estate and family planning considerations,” the statement said.

The Boston Celtics won its franchise-high 18th NBA championship last month after the Celtics defeated the Dallas Mavericks in the NBA Finals.

2002 Sale

In 2002, Boston Basketball Partners paid $360 million to the Gaston family to acquire the Celtics. The venture capitalist Grousbeck, his father and investor H. Irving Grousbeck, and venture capitalist Steve Pagliuca oversaw the transaction. Since 1983, the team was owned by the Gastons.

The Celtics are one of the NBA’s founding and most iconic teams. Forbes estimated the team to be worth $4.7 billion in 2017. For this reason, the value puts them behind only the Los Angeles Lakers ($6.4 billion), Golden State Warriors ($7.7 billion), and New York Knicks ($6.6 billion). Important to realize that when the Celtics won the NBA championship in 2008, the present ownership group was in control.

Thoughtful and Thorough Process

Wyc Grousbeck stated that the team is “committed to finding a worthy incoming ownership group. Who will guide the Celtics to more decades of success”. In an email to staff members that The Associated Press acquired.

He added. “There will be a thoughtful and thorough process to find a buyer that recognizes the importance of Celtic Pride on the court and in the community.”

Mat Ishbia, the owner of a mortgage firm, paid $4 billion to acquire the Phoenix Suns last season. As well the Milwaukee Bucks were then sold for $3.5 billion to Jimmy and Dee Haslam, the owners of the Cleveland Browns. Last November, Mark Cuban consented to pay $3.5 billion to Miriam Adelson and son-in-law Patrick Dumont. Who runs the Las Vegas Sands casino firm, for the bulk of his Dallas Mavericks ownership.

The Big Picture

The most illustrious basketball team, the Boston Celtics, is offered for sale as the NBA closes negotiations on a massive new TV rights agreement. Given that $5 billion and $6 billion price tags are being discussed. Josh Harris paid the latter amount to acquire the Washington Commanders. However, the Celtics might command the largest fee in the annals of professional sports. However, record-breaking price prediction could be affected by two significant limitations.

Firstly, the building is not owned by the Celtics. This implies a decrease in parking, concession, and related revenue. Additionally, the team doesn’t get along well with its landlord, Jeremy Jacobs, the owner of the Boston Bruins, who isn’t seen as a suitor despite making some sense.

Any potential buyer will undoubtedly try to construct a new facility, perhaps next to the nearby casino, however, it might take money similar to that of Jeff Bezos. Such a move might also help lure a Boston-based WNBA expansion franchise.

Secondly, they have decided to retain their championship core for many years to come. The Celtics are going to have the largest payroll in the history of the league. This includes the massive new deals that Derrick White and Jayson Tatum signed on Monday.

Klay Thompson Signs 3-Year, $50 Million Sign and Trade Deal

It is important to realize the club’s current owners stated they weren’t overly focused on making money when they purchased it. Although their goal was to be long-term stewards of a beloved institution and add some banners to the rafters, with all things considered, they also didn’t want to lose money.