Boston Celtics owner Wyc Grousbeck is preparing to sell his majority stake in the franchise following their recent NBA championship victory. The sale is anticipated to occur by the end of 2024 or early 2025, with Grousbeck remaining as the team’s owner until the transaction is fully completed in 2028. The Boston Basketball Partners, led by Grousbeck, acquired the Celtics in 2002 and have overseen significant success, including two NBA titles in 2008 and 2024.
In a statement, Boston Basketball Partners announced their intention to sell all shares of the team, citing estate and family planning considerations as the primary reasons. The managing board expects to sell a majority interest in the near term while Wyc Grousbeck will continue as the Governor of the team until the final closing in 2028.
The Celtics, one of the NBA’s premier franchises, were valued at $4.7 billion by Forbes in 2023, making them the fourth-highest valued team in the league, behind only the Golden State Warriors, New York Knicks, and Los Angeles Lakers. Grousbeck’s initial purchase of the team was for $360 million 22 years ago, reflecting a substantial increase in value over his tenure.
A statement from the Boston Celtics pic.twitter.com/DqArzkGnR5
— Boston Celtics (@celtics) July 1, 2024
The NBA has witnessed several high-profile team sales recently. Mark Cuban sold most of his stake in the Dallas Mavericks at a valuation exceeding $4 billion, Michael Jordan sold his share of the Charlotte Hornets for approximately $3 billion, and Glen Taylor’s attempted sale of the Minnesota Timberwolves is currently in arbitration. Grousbeck’s planned sale adds to this trend of notable NBA owners cashing out.
Prospective buyers of the Celtics will be acquiring one of the league’s most valuable teams, which comes with considerable financial commitments. The defending champions have recently signed Jaylen Brown to a supermax extension and are expected to do the same for Jayson Tatum. Derrick White and Jrue Holiday have both secured substantial four-year extensions, and Kristaps Porzingis is under contract for roughly $60 million over the next two years. These commitments will result in significant luxury tax payments and potential constraints on roster flexibility due to the second apron.
Under Grousbeck’s leadership, the Celtics have enjoyed remarkable success, making the playoffs in 19 of his 22 years as owner. With the team currently at the peak of its powers and poised for a potential multi-year championship run, the sale marks a significant transition for one of the NBA’s storied franchises.
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