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In a surprising development, the Grousbeck family has decided to sell a majority interest in the Boston Celtics, just weeks after the team secured its record-breaking 18th NBA championship. Despite this major transition, Wyc Grousbeck will continue to serve as the franchise governor until 2028, providing stability during this period of change.
The Boston Basketball Partners, led by the Grousbeck family, purchased the Celtics in 2002 for $360 million. Now, over 20 years later, the franchise has been valued at a staggering $4.7 billion by Forbes, highlighting the dramatic increase in its worth. The sale is expected to be finalized by late 2024 or early 2025 and is anticipated to set a new benchmark for NBA franchise sales, potentially eclipsing the $4 billion spent on the Phoenix Suns in 2022.
Stephen Pagliuca, the team’s co-managing partner and a stakeholder in Serie A’s Atalanta, has confirmed his intention to bid for the team. Pagliuca, who has been a significant figure in the Celtics' management, remarked, “Being a co-investor and managing partner of the Celtics has been a great honour and a labour of love. I hope to be part of the Celtics moving forward and will be a proud participant in the bidding process that has been announced today.” Other members of the ownership group may also seek to maintain or enhance their ownership stakes.
The potential sale could follow a structure similar to the one proposed for the Minnesota Timberwolves, which involved a phased acquisition. However, this approach has proven challenging, as evidenced by the Timberwolves transaction currently undergoing mediation. NBA commissioner Adam Silver has suggested that the league may need to reconsider such arrangements, stating that a stepped transaction is "certainly not ideal."
The decision to sell the Celtics at this juncture, following a championship win, might seem unexpected. The team is well-positioned to pursue further titles and stands to benefit significantly from forthcoming domestic media rights deals, projected to generate $76 billion in revenue. This favorable financial outlook may have prompted the Grousbecks to sell now, capitalizing on the team’s peak valuation.
Interest in acquiring the Celtics is expected to be high. Stephen Pagliuca, a key figure in the current ownership, is poised to ensure continuity for the franchise. Other potential buyers include local sports ownership groups like the Jacobs family, who own the NHL's Boston Bruins, and Fenway Sports Group, owners of MLB's Boston Red Sox. However, LeBron James, a minority owner of FSG, would need to divest his equity to comply with NBA rules, given his active status with the Los Angeles Lakers.
The Boston Celtics’ storied legacy and recent success make them an appealing prospect for potential buyers. As the sale process unfolds, the NBA community will be watching closely to see who will step up to lead this iconic franchise into its next chapter.
