The Boston Celtics’ majority ownership group, led by Wyc Grousbeck, has announced plans to sell its stake in the team.
The news was first reported by ESPN’s Adrian Wojnarowski and later confirmed by the Boston Basketball Partners L.L.C. in a press release on Monday.
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Celtics confirm Grousbeck sales plan
Grousbeck, a lifelong Celtics fan, purchased the team in 2002 for $360 million.
Under his leadership, the Celtics have achieved significant success, including two NBA championships and four appearances in the NBA Finals.
The franchise, now valued at $4.7 billion by Forbes in 2023, has a strong brand, a dedicated fan base, and a highly competitive roster heading into the 2024-25 season.
The press release from Boston Basketball Partners L.L.C. stated: “Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, announced today its intention to sell all the shares of the team. The controlling family of the ownership group, after considerable thought and internal discussion, has decided to sell the team for estate and family planning considerations. The managing board of the ownership group expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as the Governor of the team until the second closing in 2028.”
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Despite the impending sale, Grousbeck is expected to remain as the team’s Governor until the finalization of the transaction in 2028.
Shares owned by the Grousbeck family will be available for purchase, but the sale is not anticipated to affect the remainder of the ownership group, which includes Robert Epstein, Irving Grousbeck, and Stephen Pagliuca.
The Celtics recently celebrated their 18th NBA title, breaking a tie with the Los Angeles Lakers for the most in league history.
The team secured the championship after a dominant 64-18 regular season, culminating in a victory over the Dallas Mavericks in the Finals.
This announcement marks a significant shift for the Celtics, as Grousbeck had previously expressed enthusiasm for continuing to build on the franchise’s success during the team’s victory parade.
NBA fans will undoubtedly be watching closely as this story develops, anticipating how the sale might impact the future of one of the league’s most storied franchises.