The Celtics‘ current majority owners will receive the first round of bids from prospective buyers on January 23, reports Adam Himmelsbach of The Boston Globe. According to Himmelsbach, that information was conveyed on Tuesday in a letter from the Grousbeck family to the rest of the team’s stakeholders.
As Himmelsbach relays, that letter from the Grousbecks stated that the investment banks retained to manage the sale have been in contact with potential bidders in recent months. The Grousbeck family is said to be “pleased with the broad level of interest that has emerged” and is targeting a “first close” this spring, Himmelsbach adds.
The Celtics’ majority ownership group first announced on July 1 that it would be putting control of the franchise up for sale. The plan laid out at that time was to sell a majority share (ie. 51%) of the team in late 2024 or early 2025, with Celtics governor Wyc Grousbeck remaining in his current role until the balance of the sale is completed in 2028.
That’s still the plan, Himmelsbach writes, though it’s unclear if bidders will be on board with the idea of having Grousbeck continue serving as a governor even after he has given up his controlling interest in the franchise.
The NBA may also have some reservations about a sale that plays out across several years, given what has transpired over the past year in Minnesota. However, it’s worth noting that the Timberwolves’ sale process saw prospective owners Alex Rodriguez and Marc Lore buy in as minority shareholders, and it wasn’t until it came time for them to take over majority control that a dispute arose between their group and longtime owner Glen Taylor. It sounds like the plan in Boston would be for the Celtics’ buyer to obtain a controlling interest in the team sooner rather than later.
Celtics co-owner Steve Pagliuca suggested in early July that he intended to submit a bid for the franchise, with Fenway Sports Group identified in August as another possible bidder. Reporting in October indicated that minority shareholder Robert Hale and Mark Bezos, the founding partner of HighPost Capital private equity group and half-brother of Amazon founder Jeff Bezos, are among the other prospective buyers who could be in the mix.
Sportico’s latest NBA franchise valuations, published last month, estimated the Celtics’ value at $5.66 billion.
I’ll give them $80 if they are interested
Sick