12:37pm: The Celtics confirmed in a press release that the majority ownership group plans to sell of its shares in the team (Twitter link via Chris Forsberg of NBC Sports Boston).
“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 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.”
12:13pm: On the heels of their record-setting 18th NBA championship, the Celtics will be hitting the market, according to ESPN’s Adrian Wojnarowski of ESPN (Twitter link). Sources tell Wojnarowski that the team’s majority ownership group, led by Wyc Grousbeck, intends to make the franchise available for sale.
Grousbeck has been the team’s Governor since his Boston Basketball Partners group purchased the Celtics for $360MM back in 2002. Boston has won two NBA titles under his stewardship, in 2008 and just a few weeks ago.
A source tells Adam Himmelsbach of The Boston Globe that while Grousbeck is selling his stake in the Celtics, other minority shareholders are expected to remain invested in the team (Twitter link).
As ESPN’s Bobby Marks tweets, the Celtics could be the most expensive team in NBA history in 2025/26, when a potential super-max extension for Jayson Tatum kicks in. Grousbeck will be looking to sell his stake just as severe roster-building restrictions are implemented in the new CBA.
As of December, Sportico had the Celtics ranked as the fourth-most valuable franchise in the NBA, with a valuation of $5.12 billion. That figure seems likely to have risen in the past eight months, given the team’s on-court success.
Grousbeck, 63, is a Massachusetts native who has built his wealth through various investments over the past few decades. His father, Irving, is a billionaire who co-founded Continental Cablevision.
Buy high, sell higher
Buy high, pay luxury tax bill
I knew I was saving that $10 billion dollars in my mattress for a reason.
Alex Rodriguez set to purchase the Celtics with $10 billion contributed by his best friend billionaire after 30 rounds of fund raising deadlines needed to be met.
Just in time to avoid salary purgatory
They have like 5 billion in equity.
Owners should never complain about the luxury tax. They could run at a loss for a decade and still make hundreds of millions when they sell.
No they dont
Yeah, Thats’ why he’s selling you big genius you.
Bought in at 360M in 2002 and will likely sell out somewhere between 6-7B. The two championship rings are just the icing on the cake for Wyc Grousbeck.
yes…it be akin to someone buying the Dodgers today (not for sale)…trouble is, Dodgers have $1 billion in deferral monies – but hey, it’s frickin Bobby Bonilla day
Maybe Tom Brady and a group of investors?
Yup, sell high. There are no more “dynasties” in the NBA, where a “dynasty” requires keeping a core group together over > 3-4 years. New owners will get a couple of years of championship contention before the salary rules break up the team.
Today, Celtics gave White a $32M/yr deal starting next season. Along with Tatum and Brown’s 2025-26 salaries, that’s $140M for just 3 players, or about $80M more than they paid those 3 guys this year. They’ll be bursting through the 2nd apron as a multi-year offender, paying >350% tax penalties.
With ~$40M remaining for the remaining 12 on the roster, that leaves no room for Holiday, Porzingis, or any other stars.
Sounds like a problem for the new owner. Lol
They do t have a new owner yet.
Holiday signed a 4 year extension 2+ months ago. Porzingis signed a two year extension before the season. There’s plenty of “room” for them
@slapnuts , there are no limitations on signing contracts for any amount of money. The rules permit teams to structure deals such that a future tax bill would be $400 million per year, and more the next. (Ask the Warriors.)
But the bill will come due. So, no ownership will pay that for more than 1 season, including the most valuable teams with the largest revenue bases, like the Clippers and Warriors.
they can renew all of their players using their bird rights
@demian , that’s incorrect and the Celtics ownership have stated this publicly. It’s for the same reason the Warriors haven’t been able to renew players they had bird rights to: the luxury tax penalties increase year-over-year, according a “repeat offender”/”multiplier” formula: it’s prohibitively expensive.
Every year, the penalty for being over the 2nd apron goes up by a multiple of around 50%. The Warriors, for example, had to pay 350% incremental penalties, which led to a more than $250M in penalties. Eventually, all teams have to “reset” by spending 1 year under the salary cap.
Additionally, being over the line for multiple years leads to losing the right to the MLE, to sign-and-trades, and to losing 1st round picks.
There is no 1st round pick restrictions no need to embellish
The only way to maybe have a dynasty these days—and it’s a big maybe—is the Spurs route of acquiring unprotected firsts from other teams that may end up being highly lucrative at a point in time where the team should be highly competitive and likely getting very expensive. Obviously those picks may not pan out nor do they change anything specifically regarding the tax apron, but they would offer a possible scenario where some creativity can keep the train moving.
Even more reason this championship was a plante. Silver hooking up Wyc so he can get the best price possible.
Enchanté. Please pretend I don’t understand what “a plante” is nor what the other “reason[s]” you suggest exist are that this championship was a plante. I’m sure the other reasons you can point me to are at least as compelling and fact-based as whatever your main point was here. Like, what exactly did Silver do to hook up Wyc with the a plante?
The nba is about the enter the arab owners era cause these teams are getting expensive lol
@Brabo , you may be right. Today, teams are run like businesses because owners ultimately want to sell them, which means the businesses must be profitable. (The league helps out the have-nots, who would not otherwise be profitable.) NBA teams are bought to eventually be sold at a profit. It’s that simple.
The Warriors are worth $7.5Billion, which is about 1,500% more than whey the team was purchased just over 10 years ago. That’s because they make about $800 for each ticket. Clippers are at about $5.5Billion, followed by Knicks and, fourth, Celtics, which likely sold just now for around $5Billion (figures not public yet). Grossbeck, Celtics owner,
Looking at golf and European football, there are Arab owners that aren’t operating this way. The European football leagues are doing their best to keep them out. If the NBA doesn’t also, we might have owners that don’t mind paying $1B annual tax penalties to win a Championship.
I don’t blame him …. cash in your chips while the team valuation is at an all time high.
Even a billionaire would need extra funds given the food and gasoline prices right now.
“Even a billionaire would need extra funds given the food and gasoline prices right now.”
Umm. Ok,
^ That just completely went over your head. It really did.
If you’re a potential buyer would you rather spend 9 billion on the Celtics or 4-6 billion on Seattle or Vegas?
It depends on your priorities? Apples and oranges sweetheart
The “Governor” is just so stupid and unnecessary.
Is Lebron James the “Governor” of the people he employs in his private businesses?
Yet another – albeit a small – reason for only looking for ridiculous updates on the NBA every once in a while here. Good for the shaking of one’s head in disbelief.
Talked to a friend this morning that used to be a big NBA fan. He said it used to be about ‘Team’. Now it’s all about player – what he wants, how much he’s paid. How does one rationally explain the Lakers, Bronny James, and desire to put the best team on the court?
Did you think the Lakers were going to take someone at 55 that was going to turn them into title contenders next year? Do you think every player who plays in the NBA shouldn’t be maximizing their earnings in a career where you get 15-20 years if you’re extremely lucky? They should all play for free while ownership gobbles up money right? And Celtics just won the title with the most complete “team” in the league. Are you aware how much money that roster took to put together?
Your entire comment is crying just to taste your own tears. My suggestion to you would be to follow in your friend’s footsteps and become a former NBA fan.
looking at it strictly from a basketball standpoint, bronny isnt ready. but in any other way bronny on the lakers is amazing.
u see owners and members of the front office put their families in high level roles all the time, but now when a player does it, its bad for the league? the kid was a late second round pick. its truly inconsequential to anyone. hes not stealing a spot from another prospect or anything. on the business end, lebron has done alot for the lakers franchise. let bronny eat
Nepo baby sells franchise. Congratulations
Bitter man leaves comment. Congratulations.
“For estate and family planning considerations” sounds so cold lol. “Yeah, we’re giving up the team because my accountant said it was a good idea.”
Best time to sell financially. History suggests they’ll see an increase in revenue from the championship and it will offset, to some degree, the skyrocketing payroll. But the latter will outlive the former.
Few owners, though, get involved in this business principally for financial gain. You’d think they would want to enjoy the ride a bit.
I mean, I think he did enjoy the ride. Hence the sale while he’s still on it.
Nah, that’s the FO’s ride. The aftermath is the owner’s time to shine. But a sale could take a few years.
Happy we have all our top players of this championship team & few more players of our future signed & in place! Good, no, great job Brad Stevens! Any new wannabe owners will know what’s what and not get taken advantage … and in the meantime, let’s win a few more NBA Finals! Go Celtics!
Fenway Sports Group!
“Grousbeck, 63, is a Massachusetts native who has built his wealth through various investments over the past few decades. His father, Irving, is a billionaire who co-founded Continental Cablevision.”
He just worked hard, made some sound investments.