Boston Celtics Owners Plan to Sell Team After Historic Championship Win
Less than a month after clinching their record 18th NBA championship, the owners of the Boston Celtics announced plans to sell the team. Forbes recently valued the Celtics at $4.7 billion, and the sale is expected to set a new record for an NBA franchise. The ownership group, Boston Basketball Partners LLC, bought the team for $360 million in 2002. This group includes Massachusetts native and venture capitalist Wyc Grousbeck, Bain Capital’s Stephen Pagliuca, and real estate developer Robert Epstein. Notably, Pagliuca also owns Atalanta, the 2024 Europa League champions.
In a statement, Boston Basketball Partners LLC said they plan to sell a majority stake in the team by 2024 or early 2025, with the remaining interest expected to be sold by 2028. Grousbeck will stay on as team governor until the final sale in 2028. The decision to sell was influenced by estate and family planning considerations.
However, not all owners are ready to part with the team. In a statement posted on social media, Pagliuca expressed his desire to remain involved with the Celtics, stating, “I hope to be part of the Celtics moving forward and will be a proud participant in the bidding process that has been announced today.”
The Celtics recently defeated the Dallas Mavericks in the NBA Finals, securing their second championship under the current ownership and solidifying their status as the most successful team in NBA history.
The NBA is also negotiating its next round of broadcast media rights, with fees expected to double from the current average of $2.7 billion per year. Team valuations have soared in recent years, highlighted by the 2022 sale of the Phoenix Suns and the WNBA’s Mercury for $4 billion. Meanwhile, the sale of the Minnesota Timberwolves, the 2024 Western Conference finalists, is facing arbitration after controlling owner Glen Taylor withdrew from selling to Marc Lore and Alex Rodriguez. This deal, agreed in 2021, valued the Timberwolves and the WNBA’s Lynx at $1.5 billion.
NBA Commissioner Adam Silver mentioned in April that the outcome of the Timberwolves sale might prompt the league to reconsider its transaction policies. The NBA has not yet commented on the Celtics’ planned sale.
ESPN first reported the news of the planned sale.
