The Boston Celtics captured their NBA-best 18th championship just two weeks ago, and the franchise’s majority owner may now be looking to sell high.
The Celtics announced on Monday that their majority ownership group, Boston Basketball Partners LLC, has “decided to sell the team for estate and family planning considerations.” A sale is expected is early as this year, with the transfer of ownership being completed in 2028.
A statement from the Boston Celtics pic.twitter.com/DqArzkGnR5
— Boston Celtics (@celtics) July 1, 2024
Before the Celtics made the official announcement, Adam Himmelsbach of the Boston Globe said majority owner Wyc Grousbeck is exploring a sale of his stake in the franchise, but the same is not true of the entire investment group that purchased the Celtics in 2002.
According to a league source, Celtics majority owner Wyc Grousbeck is looking to sell his stake in the team, as @wojespn reported. But this potential sale is not expected to include the entire investment group that purchased the team in 2002.
— Adam Himmelsbach (@AdamHimmelsbach) July 1, 2024
It is possible that some of the current investors could remain involved with the franchise as part of a new ownership group.
Grousbeck, who is from Worcester, Mass., led an investment group that purchased the Celtics for $360 million in 2002. The 63-year-old is a lifelong Celtics fan and was even seen exchanging trash talk with Dallas Mavericks star Luka Doncic during the NBA Finals (video here).
Forbes estimates that the Celtics are worth $4.7 billion, which would make them one of the five-most valuable franchises in the NBA. The Charlotte Hornets were the last team to change hands when they were purchased at a valuation of $3 billion last summer.
After Michael Jordan sold the Hornets last year, a Celtics reporter asked Grousbeck if the owner had considered selling the team. Grousbeck said at the time that he had “no thought of selling the team” and that he “did this for love and for Celtic pride, not for any price tags.”
In addition to their most recent championship, the Celtics also won a title under their current ownership group in 2008.
