Boston Celtics Ownership Group Announces Plans to Sell Majority Stake

Majority Stake Sale by 2025

Boston Basketball Partners LLC, the ownership group behind the NBA champion Boston Celtics, has declared its intention to sell the majority of its shares. In a statement issued on Monday, the group revealed plans to sell the bulk of its shares in 2024 or early 2025, with the remaining shares expected to be sold by 2028.

Leadership Continuity Amid Sale

Wyc Grousbeck, whose family leads the ownership group, will continue as the team’s NBA governor until the sale is finalized. The decision to sell the team is motivated by estate and family planning considerations.

Historic Achievements and Financial Milestones

The Celtics recently secured their 18th championship by defeating the Dallas Mavericks in the NBA Finals. Boston Basketball Partners, consisting of venture capitalist Wyc Grousbeck, his father H. Irving Grousbeck, and Steve Pagliuca, acquired the team for $360 million from the Gaston family in 2002. The Gastons had owned the Celtics since 1983.

Forbes valued the Celtics at $4.7 billion last year, ranking them behind the Golden State Warriors ($7.7 billion), New York Knicks ($6.6 billion), and Los Angeles Lakers ($6.4 billion). The current ownership group was at the helm when the Celtics won the NBA title in 2008.

Commitment to a Legacy of Success

In an email to Celtics staff obtained by The Associated Press, Wyc Grousbeck emphasized their commitment to finding a deserving new ownership group that will uphold the team’s legacy. He assured that the process to find a suitable buyer would be thoughtful and thorough, recognizing the importance of Celtic Pride on and off the court.

Context of Recent NBA Sales

The announcement follows a series of high-profile NBA team sales. Last year, the Phoenix Suns were sold to mortgage firm owner Mat Ishbia for $4 billion. This was followed by the sale of the Milwaukee Bucks to Cleveland Browns owners Jimmy and Dee Haslam for $3.5 billion. Additionally, Mark Cuban recently agreed to sell the majority of his Dallas Mavericks’ ownership shares to Miriam Adelson and son-in-law Patrick Dumont, who operates the Las Vegas Sands casino company, for $3.5 billion.

This news underscores the ongoing trend of significant financial transactions within the NBA, reflecting the league’s growing economic impact and the high valuation of its franchises.