By The ownership group of the recently crowned NBA champions, the Boston Celtics, has announced their intention to sell the team. Boston Basketball Partners LLC, which has owned the Celtics since 2002, released a statement detailing their plans to put the franchise on the market, citing estate and family planning considerations as the primary reason for the sale.
The sale is expected to occur in two phases, with a majority interest to be sold in 2024 or early 2025, and the balance closing in 2028. Current CEO Wyc Grousbeck is expected to remain as the Governor of the team until the second closing in 2028, ensuring a level of continuity in leadership during this transition period.
According to Forbes, the Celtics were valued at $4.7 billion in 2023, making them the fourth-most valuable NBA franchise. This represents a significant return on investment for the current owners, who purchased the team for $360 million in 2002.
Under the current ownership, the Celtics have experienced considerable success, reaching the NBA Finals four times since 2002 and winning two NBA titles during this period: in 2008 and most recently in 2024. The team just secured their record 18th NBA championship, defeating the Dallas Mavericks in five games. In the 2023-2024 season, the Celtics finished with the best record in the league and lost only three games throughout the playoffs, showcasing their dominance.
The announcement comes just two weeks after the Celtics’ latest championship victory, adding to the franchise’s storied history. The team’s recent success, coupled with its historic prestige, is likely to attract significant interest from potential buyers.
This sale represents a major shift in the NBA landscape, given the Celtics’ status as one of the league’s most iconic and successful franchises. The outcome of this sale could potentially set new records for professional sports team valuations and will be closely watched by sports business analysts and NBA fans alike.
As the sale process unfolds, attention will focus on potential buyers and the impact this change might have on the Celtics’ operations and future success. The retention of Wyc Grousbeck as Governor until 2028 suggests a desire for stability during this transition period, which could be reassuring to fans and players alike.
The sale of the Boston Celtics marks a significant moment in NBA history, potentially reshaping the league’s ownership landscape and setting new benchmarks for franchise values. As one of the most successful and beloved teams in professional basketball, the Celtics’ future ownership will undoubtedly be a topic of great interest and speculation in the coming months.
Daily MailOnline
