Why owners sell, potential price, more
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The reigning NBA champions will soon be up for sale, potentially fetching a record price for an NBA team.
The majority owners of the Boston Celtics – led by longtime managing partner Wyc Grousbeck – are exploring the sale of the franchise, a person familiar with the plans told USA TODAY Sports.
The person requested anonymity because they were not authorized to speak publicly about the possible sale.
The team confirmed the decision in a statement on Monday.
“Boston Basketball Partners LLC, the ownership group of the Boston Celtics, today announced its intent to sell all of the team’s shares,” the team’s statement said. “The controlling family of the ownership group, after careful consideration and internal discussions, has decided to sell the team for wealth and family planning purposes.”
“The board of directors of the ownership group expects to sell a majority stake in 2024 or early 2025 and close the remainder in 2028. It expects Wyc Grousbeck to remain as governor of the team until the second closing in 2028.”
The Celtics just won the 2024 NBA championship – their first since 2008 and their 18th overall, breaking a tie with the Los Angeles Lakers for the most championships in league history.
Grousbeck’s father, H. Irving Grousbeck, and Steve Pagliuca are also managing partners of the Celtics.
The Celtics are one of the NBA’s flagship franchises and a significant part of the league’s history.
ESPN was the first broadcaster to report the news on Monday afternoon.
According to Forbes, the Celtics are the fourth most valuable NBA team with an estimated value of $4.7 billion, representing a 1,205.56% increase in value from the $360 million price Grousbeck and his group paid for the franchise in 2002.
If sold, the Celtics could break the record for the most expensive sale of an NBA franchise, surpassing the $4 billion Matt Ishbia paid for the Phoenix Suns in December 2022. That would potentially put the valuation in excess of $5 billion if sold.
In November 2023, former Dallas Mavericks owner Mark Cuban sold his majority stake in the franchise for approximately $3.5 billion.
According to Forbes, Boston ranks only behind the Los Angeles Lakers ($6.4 billion), the New York Knicks ($6.6 billion) and the Golden State Warriors ($7.7 billion) on the list of most valuable franchises.
The Celtics return most of their core players for the 2024-25 season, led by Jayson Tatum and NBA Finals Most Valuable Player Jaylen Brown, keeping them among the top contenders. However, their operating costs are rising; Boston paid more than $110 million in luxury taxes over the past two seasons, and given the rising payroll, it is expected to pay nearly $50 million for the 2024-25 season. Once Tatum, an All-NBA forward, agrees to a new contract extension, the Celtics will have $600 million in salary tied to him and Brown.
The last team to repeat their NBA title were the Golden State Warriors in 2017 and 2018.
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