Shocking Celtics Ownership News Drops as Free Agency Begins
Smart investing means that you sell your assets when their value is the highest, and it looks like that's what Wyc Grousbeck and Steve Pagliuca are set to do.
Just two weeks after they won the NBA Championship, the Boston Celtics majority ownership group has let it be known that they are looking to sell their stake in the team, which they bought in 2002 for $360 million.
In statement, Celtics say they'll "sell a majority interest in early 2024 or early 2025, with the balance closing in 2028 and Wyc Grousbeck to remain as governor of team until the second closing in 2028." https://t.co/YpE925dPcH
— Adrian Wojnarowski (@wojespn) July 1, 2024
They stand to make quite a profit for one of the most historic and prolific teams in all of sports, especially with a championship core set to return. Recent sales of teams have seen the Phoenix Suns sell for $4 billion, while the Milwaukee Bucks and Dallas Mavericks have changed hands for $3.5 billion apiece.
The Celtics put out a statement announcing the decision, noting that Boston Basketball Partners LLC will look to sell their "majority interest" by early next year. Grousbeck will remain team Governor until the balance of the deal closes in 2028.
The sale of the team coincides with what is expected to be a very expensive offseason for the Celtics, who captured the franchise's NBA-leading 18th championship this June. Only the New York Yankees (27) have more titles among major North American sports leagues.
Boston has also announced a contract extension for Derrick White, giving the guard and defensive standout a four-year, $125.9 million extension. Jayson Tatum is also up for a new contract, and will be eligible to sign the biggest Supermax deal in NBA history at $314 million for five years.
The press release gives the reason for the sale as "estate and family planning considerations." Grousbeck was passionate about his desire to bring another title to Boston (he was part of the group that put together the 2008 championship team), and now that he has accomplished that goal, he is capitalizing in on the team's sky-high value and also cutting bait before more expenses pile up.
This ownership group is leaving the team in a very good spot, and after more than 20 years at the helm, four finals appearances, and over 1,000 regular season victories, they have certainly earned the right to cash in their chips and celebrate their success.
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