Wyc Grousbeck

Celtics Sale Notes: Chisholm, Financing, Valuation, More

March 25th, 2025 at 10:22am CST by Luke Adams

Although William Chisholm has reached a tentative agreement to buy a controlling stake in the Celtics, the NBA’s Board of Governors vote to approve the sale isn’t expected to happen until June, according to Dan Primack of Axios (hat tip to Brian Robb of MassLive.com).

That will give Chisholm some time to recruit additional investors, since his bid for the franchise isn’t fully financed, Primack writes. A report from Kerry A. Dolan of Forbes seems to corroborate this point, noting that Chisholm offered another billionaire an opportunity to buy a stake in the Celtics last Thursday.

Primack suggests that Chisholm’s best route to secure additional financing may be to reach out to the other three groups who were involved in the bidding process. Those groups are headed by Dan Friedkin, Stan Middleman, and current Celtics minority owner Steve Pagliuca.

However, according to Primack, Friedkin may already be moving on to pursuing an NHL expansion team in Houston. As for Pagliuca, his group’s bid was fully financed, so he may prefer to hold firm as a potential Plan B if Chisholm’s bid falls through rather than joining Chisholm’s group himself.

Primack also notes that Middleman’s offer came in below Chisholm’s but above Pagliuca’s. There has been no indication that offer was fully financed.

Here’s more on the Celtics’ impending sale:

While the initial valuation of the franchise is said to be $6.1 billion for the controlling stake, the agreement calls for the valuation to rise to about $7.3 billion by the time Chisholm’s group buys out the remaining shares in 2028, according to Primack, who adds that the weighted price would work out to approximately $6.7 billion.
Wyc Grousbeck‘s desire to remain in place as the Celtics’ CEO and governor until 2028 was dropped as a mandatory requirement at some point during the sale process, but Chisholm “smartly recognized” the value of agreeing to that condition when he made his offer, writes Primack. According to Axios, the terms of Pagliuca’s fully financed bid didn’t include Grousbeck retaining his CEO position.
Primack suggests that the high price tag for the Celtics may reduce the likelihood of the NBA expanding to cities like Seattle or Las Vegas in the near future. As he explains, with the Celtics sale resetting the market for franchise valuations, other team owners may be able to get an influx of cash by selling small stakes in their teams rather than relying on expansion fees. Adding one or more expansion franchises to the league would result in a substantial one-time payment for existing teams, but would dilute each club’s share of media rights revenue going forward.

Celtics’ Grousbeck Talks Tax Aprons, Sale, Chisholm, Arena

March 21st, 2025 at 11:01pm CST by Luke Adams

Celtics governor Wyc Grousbeck has agreed to sell his controlling stake in the franchise, but the plan is for Grousbeck to remain in his current position with the team through the 2027/28 season, collaborating with William Chisholm and his investors as the defending champions transition to a new ownership group.

A major part of that transition will involve determining how long to maintain one of the NBA’s highest payrolls. The Celtics are operating over the second tax apron, restricting their ability to make certain roster moves and ensuring that their 2032 draft pick will become “frozen” this offseason, making it ineligible to be traded.

According to Grousbeck, those roster-related restrictions imposed on teams operating above the second apron are of greater concern than the prospect of repeatedly pay substantial luxury tax bills.

“It’s not the luxury tax bill, it’s the basketball penalties,” Grousbeck said during a WEEI appearance when asked about the Celtics’ ability to remain well above the tax line (story via Brian Robb of MassLive.com). “The new CBA was designed by the league to stop teams from going crazy. They decided that it’s not good enough to go after the wallets because the fans can be like, ‘Hey find someone who can afford to spend $500 million dollars a year or whatever it is, like the English Premier League. I know seven guys who own Premier League teams in England with no spending caps and most of them don’t know what the hell is going on.”

“The basketball penalties mean that it’s even more of a premium now to have your basketball general manager be brilliant and lucky,” Grousbeck continued. “Because you have to navigate because you can’t stay in the second apron, nobody will, I predict, for the next 40 years of the CBA, no one is going to stay in the second apron more than two years.”

This is the second consecutive season the Celtics have been in second-apron territory, so Grousbeck’s comments about the sustainability of that approach are eyebrow-raising.

Of course, it’s worth noting that not all of the apron-related penalties had been implemented during the 2023/24 season, so a third season above the second apron might be more viable for the Celtics or another team in ’25/26 than it would be going forward. Still, based on Grousbeck’s remarks, it sounds like some cost-cutting could be in Boston’s future.

Here are a few more noteworthy comments from Grousbeck’s media appearances this week:

On how the Celtics, specifically, plan to navigate the second apron in the short term:
(via Robb)

“We have Brad Stevens, the reigning Executive of The Year, and thank God we do. He’s the one who really brought us this championship with his brilliant moves –along with many other people — but Brad is at the forefront. He’s looking at this and is going to extend our window and make it work. We’ll find out in June or July what we’re going to do.”

On what he told Stevens, head coach Joe Mazzulla, and stars Jayson Tatum and Jaylen Brown about the sale:
(via Sanjesh Singh of NBC Sports Boston)

“I’ve actually talked to Jayson, Jaylen, Joe and Brad and said, ‘Just so you know…these small group of finalists are all great and they can all do the job, and we won’t let it go to anybody who would fall short of that.’ I told them basically just a few days ago when I saw them all at practice, ‘It’s OK. Don’t put it on your mind. Take it off your mind if you can. Because we’ve got you, this is going to go fine.’

“They said, ‘We trust you.’ Jayson Tatum literally looked at me and said, “I trust you, Wyc. Got it.’ And with good reason, hopefully, that he trusts me. Everything’s good on that front.”

On what advice he has given to Chisholm:
(via Singh)

“Be yourself. You are a fan. The fans are going to love you. We’re not going to win every game together. They want to see that you care, that you’re a fan who bought the team. That’s our group here, we’re fans who bought this team. You’re a fan who’s buying in…we’re going to be fans who’s running this team for Celtic pride on and off the court…When you do that, everything else follows.”

On why there are no plans to build a new arena that the Celtics would own:
(via Robb of MassLive.com)

“It’s not broken over there, and we have a great partnership with (the Jacobs family, which owns the Boston Bruins and the TD Garden). Honestly, there’s room for one arena in Boston, not two. Because you need to have concerts and events to fill out the bill. And if we ever talked to the Jacobs, we all decided to renovate the Garden very seriously – there have been huge, hundreds of millions of dollars of renovations. But if we ever decide to do anything, I’m sure we’d do it together and have both teams playing there.

“It shouldn’t be on everybody’s mind. We’ve got a lease in the Garden until, like, the 2030s, and we’ve got a good partnership with them, and we’ll both upgrade whatever we need to do to keep the fans happy, because we’re fans ourselves.”

More Details On Celtics’ Impending Sale

March 20th, 2025 at 12:20pm CST by Rory Maher

In a press release via Business Wire, Boston Basketball Partners LLC officially confirmed that it has reached an agreement to sell its majority stake in the Celtics at a record valuation of $6.1 billion to a group led by William (Bill) Chisholm.

Other members of the new group include current minority owner Robert Hale, Bruce A. Beal Jr., and Sixth Street, a private equity firm.

Sixth Street, which also purchased a stake in the Spurs in 2021, will invest more than $1 billion in the Celtics, a source tells Mike Vorkunov, Jay King and Jared Weiss of The Athletic.

The impending sale still needs to be approved by the NBA’s Board of Governors. According to The Athletic’s trio, the transaction is expected to take a few months to be finalized.

“Bill is a terrific person and a true Celtics fan, born and raised here in the Boston area,” Wyc Grousbeck said. “His love for the team and the city of Boston, along with his chemistry with the rest of the Celtics leadership, make him a natural choice to be the next Governor and controlling owner of the team. I know he appreciates the importance of the Celtics and burns with a passion to win on the court while being totally committed to the community. Quite simply, he wants to be a great owner. He has asked me to run the team as CEO and Governor for the first three years, and stay on as his partner, and I am glad to do so.”

“Growing up on the North Shore and attending college in New England, I have been a die-hard Celtics fan my entire life,” Chisholm said in his own statement. “I understand how important the Celtics are to the city of Boston – the role the team plays in the community is different than any other city in the country. I also understand that there is a responsibility as a leader of the organization to the people of Boston, and I am up for this challenge.

“My partners and I have immense respect for Wyc, the entire Grousbeck family and their indelible contributions to the Celtics organization over the last 23 years. We look forward to learning from Wyc and partnering with Brad Stevens, Joe Mazzulla and the talented team and staff to build upon their success as we work to bring more championships home to Boston.”

Stevens, Boston’s president of basketball operations, met with four prospective ownership groups in the month preceding the sale, sources tell The Athletic. A group led by another current minority owner, Steve Pagliuca, had been considered the frontrunner to purchase the team, per The Athletic’s report. However, Pagliuca released a statement (via Twitter) confirming his bid was unsuccessful.

“I recruited new partners with deep resources and expertise in technology and international markets to maximize the Celtics’ successes to ensure we can always compete for Championships, luxury taxes be damned,” Pagliuca said in part. “We made a fully guaranteed and financed offer at a record price, befitting the best sports fans in the world, and with all the capital coming from individuals who are fully committed to winning on and off the court.

“We had no debt or private equity money that would potentially hamstring our ability to compete in the future. We have felt it was the best offer for the Celtics. It is a bid of true fans, deeply connected to Boston’s community and we’ve been saddened to find out that we have not been selected in the process.”

Celtics’ Controlling Stake To Be Sold For $6.1 Billion

March 20th, 2025 at 9:20am CST by Dana Gauruder

9:37am: The new ownership group also includes minority owner Robert Hale, Himmelsbach tweets.

9:20am: The Celtics are being sold to William Chisholm for a valuation of $6.1 billion, a new record for a controlling stake in a North American sports franchise, Scott Soshnick of Sportico reports (via Twitter).

Chisholm is the managing director and co-founder of Symphony Technology Group, a California-based private equity firm, Adam Himmelsbach of the Boston Globe reports. Chisholm is a Massachusetts native and lifelong Celtics fan. His involvement in the bidding was first reported last week.

The Celtics’ sale of $6.1 billion surpasses the NFL’s Washington Commanders ($6.05 billion) for the highest sum ever for a North America sports team, ESPN’s Shams Charania tweets.

Celtics co-owner Wyc Grousbeck is expected to remain governor through the ownership transition. He’ll remain in that role, continuing to oversee the team’s operations, through the 2027/28 season, Mike Vorkunov of The Athletic tweets.

The Grousbeck family expected a handful of bids for the franchise during the sales process. The Grousbeck family announced last July 1 that it was putting the team up for sale, just a few weeks after the Celtics won their 18th championship.

The Grousbeck family said then that it intended to sell 51 percent of the team in late 2024 or early 2025. The Grousbeck family is selling the team for estate and family planning considerations.

The sales price is a huge jump from the amount paid by Grousbeck 20-plus years ago. Grousbeck founded and led the group, Boston Basketball Partners L.L.C., which bought the Celtics for $360MM in 2002.

Celtics Reportedly Expect 4-5 Initial Ownership Bids

January 19th, 2025 at 9:49am CST by Rory Maher

The Celtics are expecting to receive a minimum of four ownership bids from prospective investment groups when the first round of the sale process closes on January 23, a source with direct knowledge of the process tells Michael Silverman of The Boston Globe (subscription required). A fifth bid is also a possibility, Silverman reports.

Current co-owner Steve Pagliuca is spearheading a consortium that will be making a bid, according to Silverman, but the identities of the control heads for the other groups remain a mystery, at least for now. Another current minority stakeholder, Robert Hale, expressed interest in becoming majority owner or joining a group in October, and he told Silverman he’s “still hanging around the hoop.”

Fenway Sports Group and Mark Bezos are reportedly among the other potential bidders. The founding partner of HighPost Capital private equity group, Bezos is the half-brother of Amazon founder Jeff Bezos.

The Grousbeck family announced on July 1 that it was putting the team up for sale, just a few weeks after the Celtics won their 18th championship. According to Silverman, the Grousbecks expect the final sale price to exceed $6 billion.

As Silverman writes, the Grousbecks and the investment banks advising them on the sale process are expected to review the first round of bids until sometime in February. At that point, two groups will be selected for a final round of bidding, unless one initial bid “meets the family’s expectations.”

If there’s a final round involving two bidders, it could take weeks or even months before a new owner is announced, Silverman adds.

The plan remains for the sale process to be conducted in two phases, with the new group controlling 51% of the franchise at some point in the first half of 2025. The remaining 49% would be sold in 2028.

Governor Wyc Grousbeck hopes to remain in that role until 2028, though it’s unclear if bidders will be open to that idea after he has given up his controlling interest in the first phase of the sale.

Celtics To Receive First Round Of Ownership Bids On Jan. 23

January 14th, 2025 at 4:51pm CST by Luke Adams

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.

Celtics Notes: Brissett, Grousbeck, Porzingis, Tillman

November 22nd, 2024 at 10:03am CST by Arthur Hill

Free agent forward Oshae Brissett joined his former Celtics teammates for Thursday’s visit to the White House, writes Brian Robb of MassLive. Brissett was part of the 2024 championship team after signing a two-year contract with a $2.58MM player option in the summer of 2023. He declined that option over the offseason in hopes of getting a better offer from another team, but that still hasn’t happened.

“It was fun to see Oshae Brissett here,” vice president of basketball operations Mike Warren said. “He hasn’t been around this year but it was cool for him. We got him his ring. That was a neat moment.”

Brissett had a smaller role than he expected last year, averaging 3.7 points and 2.9 rebounds in 55 games while playing a career-low 11.5 minutes per night. However, Robb points out that he still has a strong bond with his ex-teammates. Boston is carrying an open roster spot, but Robb states that it’s unlikely to be filled before the trade deadline and there’s no guarantee Brissett will still be available.

“It was really cool to see Brissy again and have him be here and a part of it,” Derrick White said. “Obviously, he was a big member of our team last year, so it was great to have him here and get the old gang back together.”

There’s more on the Celtics:

Following the ceremony, owner Wyc Grousbeck reiterated his plan to remain in his position as governor of the team after the impending sale is completed, per Souichi Terada of MassLive. “I don’t have any comments on the sale process,” Grousbeck told reporters. “It’s underway. There’s a lot of interest. That is one comment, I guess, but I’d like to limit it to that. The plan is that I will stay for three more years. That’s what’s laid out. We’ll go from there.”
Kristaps Porzingis may be able to beat the December return date that was projected after offseason surgery, Robb states in a separate story. Team sources told Robb that Porzingis felt good after participating in a scrimmage with G League Maine Celtics this week, and teammates who viewed the session liked what they saw. “I was able to watch a little bit of it,” Al Horford said. “Just excited, excited to see KP out there. He’s doing more and more stuff with us in practice and just really encouraging. Obviously we don’t know when he’s returning, but we’re just excited to see him doing more stuff with us, being more involved playing and getting his legs underneath him.”
Head coach Joe Mazzulla was impressed that Xavier Tillman volunteered to take part in the scrimmage to give Porzingis some NBA-level competition, Robb adds. Tillman’s playing time has been severely reduced recently as he has fallen behind Neemias Queta in the Celtics’ big-man rotation. “He just wanted to play,” Mazzulla said. “It was an opportunity to play, and he’s obviously done a great job of just doing what we’ve asked him to do, and so it’s a credit to him. We got a lot of respect for him for making that decision. He’s got to keep getting better and better. He’s brought great character, a great work ethic to it.”

Celtics Notes: Season, Sale, Scheierman, Tatum

November 6th, 2024 at 10:55pm CST by Alex Kirschenbaum

Despite missing starting center Kristaps Porzingis so far this fall and also having All-Star wing Jaylen Brown unavailable for multiple games, the 7-2 Celtics have picked up right where they left off after winning a title last season.

Tim Bontemps of ESPN even sees similarities between this year’s loaded Celtics squad and the 73-win Warriors of 2015/16, noting that Boston is similarly deep in its roster construction and three-point heavy in its shot diet — the C’s are also looking to quiet critics who may have thought their first championship was a bit of fluke.

All-NBA Celtics forward Jayson Tatum, for one, is aiming to win multiple titles during his tenure in Boston. The Warriors won four championships with their core of Stephen Curry, Klay Thompson and Draymond Green. Thompson departed the team this summer to join the Mavericks.

“It was never just about trying to just win one,” Tatum said. “All the guys I looked up to growing up won at least one championship. Now it’s just a conversation of, ‘How great are you trying to be?'”

Could this Celtics club win 73 or even 74 games this season? Odds seem slight, given this extended Porzingis absence.

There’s more out of Boston:

On the heels of his second title with the franchise, Celtics owner Wyc Grousbeck made the surprise announcement that he was looking to sell his controlling interest in the team. Mike Vorkunov of The Athletic observes that this impending potential sale represents part of a growing trend. Several longtime owners have cashed out while team valuations have soared over the past few years. “Most owners that have been in for a while in any of the sports leagues are sort of asset rich and cash poor,” an investor observed. “Most of the long-term standing owners, I think, if you ask them, I think in their wildest dreams, they could never have imagined that these teams would become these mini-Disneys as I call them, or these phenomenal entities that have tremendous economic capacity.”
Celtics rookie swingman Baylor Scheierman has been assigned to the club’s G League affiliate, the Maine Celtics, with the NBAGL season slated to tip off soon, writes Brian Robb of MassLive. Scheierman had been competing for rotation minutes during the team’s preseason, but was ultimately pushed out by Jordan Walsh for the opportunity. Scheierman has instead suited up for just three NBA games, logging 18 total minutes, and should have an opportunity for more reps in Maine.
Celtics All-Star Jayson Tatum‘s father, Justin Tatum, recently reflected on his son’s underwhelming gold medal run with Team USA this summer, per Marc J. Spears of Andscape. Tatum was a DNP-CD in multiple games and was up and down when he did play. “He wasn’t in the room pouting or throwing chairs around or it was a topic of conversation at dinner,” Justin, currently the head coach of the NBL’s Illawarra Hawks in Australia, said. “He said he could’ve stayed with his family, stayed home or done this… But he was happy to be out there winning the gold.”

Atlantic Notes: Barnes, Olynyk, Barrett, Tillman, Celtics Sale, Lowry

October 10th, 2024 at 12:46pm CST by Dana Gauruder

Scottie Barnes and Kelly Olynyk played fewer than 100 minutes together after Olynyk was acquired by the Raptors at the trade deadline. Barnes will make his preseason debut on Friday and anticipates he could be an ideal pick-and-roll partner for the veteran big man, according to Michael Grange of Sportsnet.

“I think we’ve been working on that a lot. You play with different lines at practices, see how things go,” Barnes said. “Kelly’s great at passing. He can dribble really well for his size and just his vision on the floor. So being able to create those advantages where a (center guarding Olynyk) is used to being in the ball screen, it kind of messes up a team or messes up some rotations, for sure. So just got to try to use that, exploit it at times, and see what works throughout the process, throughout games. If it keeps working, you know, you just keep attacking.”

We have more from the Atlantic Division:

Raptors wing RJ Barrett is expected to miss the remainder of the preseason with a shoulder injury. That could thrust Ochai Agbaji into the starting lineup when the season begins, according to Josh Lewenberg of TSN. In a separate note, Lewenberg reports that Immanuel Quickley should be cleared for contact soon. He’s recovering from a thumb injury.
The Celtics seem determined to expand Xavier Tillman‘s offensive game. Tillman has taken five 3-pointers in two preseason games and made three of them. “You never want to put a ceiling on his game, and now that we have him for an entire offseason and season it’s just continuing to grow,” coach Joe Mazzulla told Adam Himmelsbach of the Boston Globe. “So he does a great job of working, but all facets are important for his development.”
The Celtics are up for sale and majority owner Wyc Grousbeck provided Himmelsbach with an update. “The sale process is gearing up and about to hit full speed,” he said. “It took this long for our advisers to go through the financial and business data of the team and our whole management team, and spend enough time to put together offering books. Now they’re beginning to have discussions with interested parties, and the bidding process will commence in the next month or so.”
Sixers coach Nick Nurse believes Kyle Lowry could become an NBA head coach after the veteran guard retires, he told Keith Pompey of the Philadelphia Inquirer. “I think that he’s got a couple things that I would think would make him a good coach,” Nurse said. “He really loves the game. He really studies the game. He knows the game, and, obviously, he’s got a toughness level, right? I think he could handle going out there to fight.”

Family Rift Over Payroll Reportedly Led To Decision To Sell Celtics

September 14th, 2024 at 8:32pm CST by Arthur Hill

A family disagreement over the Celtics‘ rising payroll was behind Wyc Grousbeck’s decision to put the majority stake in the team up for sale, sources tell Josh Kosman and Brian Lewis of The New York Post.

Ninety-year-old Irving Grousbeck controls about 20% of the franchise and is unwilling to absorb the projected financial losses that will be necessary to keep the team in title contention, according to Kosman. After winning the championship in June, Boston handed out several new contracts that will bring the total cost of the roster for the 2025/26 season to about $500MM in salary and tax payments.

“That’s what happens when dad puts in most of the money,” a source told Kosman.

Kosman cites another source close to the sale process who says the team is projected to lose about $80MM this season. That amount will be much higher in the following season when repeater tax penalties become harsher.

The Celtics handed out a record-setting contract to Jaylen Brown last summer, and then topped that with a five-year, $314MM super-max extension for Jayson Tatum in July. Jrue Holiday also received an extension and several players were re-signed, pushing the total 2025/26 team salary north of $225MM and setting up a projected $280MM luxury tax payment.

“Wyc says we’ll spend whatever it takes, but dad wasn’t into losing money,” another source told Kosman, who hears that the team barely broke even last season while winning its 18th NBA title.

The Grousbeck family claimed it was unloading its share of the team for “estate planning purposes” when the surprise announcement was made in early July. Wyc Grousbeck reiterated that stance in a statement to Kosman.

“The Grousbeck family is selling the team for estate and family planning considerations. To say the sale is in any way related to losses is completely incorrect,” he stated. “There has not been a capital call from ownership, or any additional investment of any kind, in the 22 years since Boston Basketball Partners bought the team and we don’t anticipate there being one.”

The NBA is hoping to have the Celtics valued at a record-setting $6 billion for the sale, but there are complications in reaching that figure. Sources tell Kosman that the team’s projected losses and the fact that it doesn’t own TD Garden to provide revenue from other events could make prospective buyers reluctant to bid that high.

The Grousbecks are hoping to sell a 51% stake either later this year or early in 2025 and then continue to run the team until the full sale is completed in 2028.

There has been little movement toward a sale in the two-and-a-half months since the Grousbecks announced that the team was available, according to Adam Himmelsbach of The Boston Globe. Banks helping with the transaction are still reviewing the team’s assets and liabilities to provide an accurate report for interested buyers, which Himmelsbach says is typical in this type of transaction.

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