Boston, Massachusetts – After leading the Boston Celtics to their 18th NBA championship, the team’s owners are looking to make a major move. Boston Basketball Partners, headed by Wyc Grousbeck, announced their plans to sell a majority interest in the franchise by early 2025 with a total sale of shares by 2028. Grousbeck, who purchased the Celtics for $360 million in 2002, will continue as the team’s governor until 2028.
The decision to sell the team was prompted by considerations for estate and family planning, according to a statement released by the Celtics’ ownership group. Grousbeck has overseen two championships during his tenure in 2008 and 2024, with the team making 16 postseason appearances in the last 17 seasons. Despite the team’s success, Grousbeck admitted that the franchise was experiencing financial challenges during their championship season.
With the Celtics valued at $4.7 billion, the team ranks as the fourth-most valuable NBA franchise. However, their payroll of $183.7 million last season was one of the highest in the league. Grousbeck emphasized that their ownership was driven by passion and a commitment to winning championships, rather than financial gain.
Given the NBA’s new salary cap rules, the Celtics face potential challenges in maintaining their championship-winning roster due to escalating costs. While the team aims to keep their core players for the upcoming season, they may encounter tough roster decisions in the future. The rising expenses could lead to unprecedented luxury tax payments for the franchise.
The upcoming sale of the Celtics is expected to generate significant interest and could potentially set a new record for the highest price paid for an NBA team. Other NBA owners, such as Marc Lasry of the Milwaukee Bucks and Mark Cuban of the Dallas Mavericks, have pursued sales during successful periods for their teams. Under Commissioner Adam Silver, NBA franchise values have skyrocketed in recent years, reflecting the league’s continued growth and popularity among fans.