Boston Celtics owner Wyc Grousbeck is planning to sell his majority stake in the team, the franchise announced on Monday. The Grousbeck-led Boston Basketball Partners originally purchased the team in 2002 and recently oversaw Boston's first NBA championship since 2008. The Celtics say a sale is expected either by the end of 2024 or early 2025 and that Grousbeck will remain as the team's owner until a sale is completely closed in 2028.
"Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, announced today its intention to sell all the shares of the team. The controlling family of the ownership group, after considerable thought and internal discussion, has decided to sell the team for estate and family planning considerations, the team said.
"The managing board of the ownership group expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as the Governor of the team until the second closing in 2028."
A statement from the Boston Celtics pic.twitter.com/DqArzkGnR5
— Boston Celtics (@celtics) July 1, 2024
The Celtics are one of the NBA's crown jewel franchises. Forbes gave them a $4.7 billion valuation in 2023, which was the fourth-highest valuation in the sport behind the Golden State Warriors, New York Knicks and Los Angeles Lakers. Grousbeck purchased the team 22 years ago for $360 million.
The NBA has seen a rash of unexpected team sales in recent years. Mark Cuban stunningly decided to sell most of his stake in the Dallas Mavericks during the season at a reported valuation of more than $4 billion. Michael Jordan sold his share of the Charlotte Hornets at a roughly $3 billion valuation. Glen Taylor attempted to sell the Minnesota Timberwolves to Alex Rodriguez and Marc Lore, but that sale is now in doubt and will be decided in arbitration. Now, Grousbeck joins the group of NBA mainstays that have cashed out of the league in a fairly short span.
Anyone hoping to buy the Celtics will be taking over one of the NBA's most expensive teams. The defending champions signed Jaylen Brown to a supermax extension last summer that kicks in this season. Jayson Tatum will get the supermax as well. Derrick White ($125.9 million) and Jrue Holiday ($135 million) both got hefty four-year extensions recently, and Kristaps Porzingis is owed roughly $60 million over the next two years.
Boston will have hefty luxury tax payments coming and perhaps limited flexibility to improve the roster given the constraints that come with the second apron.
The Celtics won two championships with Grousbeck as the owner. First in 2008 and then last month with Boston's NBA Finals victory over the Dallas Mavericks. The team has missed the playoffs only three times in his 22 years at the helm. Now the NBA's best team is set to change hands right as its roster is peaking on a potential multi-year run of championships.
