Adam Wells November 22, 2024
Pat Greenhouse/The Boston Globe via Getty Images
Five months after their ownership group announced the Boston Celtics were for sale, governor Wyc Grousbeck provided an update on the process.
Speaking to reporters Thursday, Grousbeck explained “there’s a lot of interest” from suitors looking to purchase the reigning NBA champions, but the plan is for him to remain in charge for three more years:
“It’s underway. There’s a lot of interest. That is one comment, I guess. I would like to limit it to that, but I would say that the plan is that I will stay [in charge] for three more years. That’s what’s laid out. We’ll go from there. Having said that, I think I’d just rather talk about this team that we have in front of us, with us right now, that has the capacity to contend again. I think we’re contenders this year, and we can be contenders in the future, and that’s what I’m most excited about.”
Grousbeck and Boston Basketball Partners L.L.C. announced on July 1 their intention to sell the organization “for estate and family planning considerations.”
Boston Celtics @celtics
A statement from the Boston Celtics pic.twitter.com/DqArzkGnR5
The statement noted the managing board of the ownership group expects to sell a majority of interest in the club by the end of 2024 or early 2025, with the remaining balance closing in 2028.
Grousbeck will remain the Celtics governor until the second closing is done in 2028.
Per Josh Kosman and Brian Lewis of the New York Post, the sale was triggered by a “rift” between Wyc and his father, Irving Grousbeck, over the Celtics’ payroll.
Wyc denied the report in a statement to the Post, saying the sale is entirely for “estate and family planning considerations.”
ESPN’s Tim Bontemps noted in July that the Celtics could become the first NBA team to spend $500 million on their roster between payroll and luxury-tax payments in the 2025-26 season:
“After inking (Sam) Hauser to his extension, the Celtics have 11 players under contract for the 2025-26 season for a combined $225 million. If the roster is filled out with their own first-round pick and two players on minimum salaries—projected to be each worth roughly $2.3 million, according to ESPN’s Bobby Marks—that would push Boston’s payroll to about $233 million, more than $45 million over the projected luxury tax line.”
The Celtics were sold to Grousbeck’s group in 2002 for $360 million after being owned by Don and Paul Gaston for 20 years. Forbes estimates the franchise is worth $6 billion.
If that ends up being the cost to purchase the Celtics, it would be in line with the most expensive sale price ever for a U.S. sports franchise. The record belongs to the Washington Commanders with a $6.05 billion price tag when they were purchased by a group led by Josh Harris.
The Celtics have won two NBA titles with Grousbeck as governor, including the 2023-24 championship. They look capable of repeating as champions this season with a 12-3 record to start the 2024-25 campaign.
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