Boston Celtics Franchise Is Up For Sale
You just won the NBA Championship and now we’re getting rid of you. Yup that sounds crazy to me too. And yet it is being reported that the Boston Celtics franchise is up for sale. Considering the franchise is ranked as the fourth most valuable NBA team it doesn’t seem likely that it would be for sale. Why would the ownership want to get rid of the team after winning the 2024 NBA championship and in grand style?
It seems unbelievable but ESPN NBA Insider Adrian Wojnarowski posted on his x.com account: “The Boston Celtics majority ownership group — led by Wyc Grousbeck — is planning to make the franchise available for sale, sources tell ESPN. The investment group purchased the team in 2002. Massive development for one of sports’ most valuable properties.” Back in 2002, Wyc Grousbeck who leads the majority ownership group of the Celtics, bought the team for $360 million. Today Forbes has the team valued at $4.7 billion. That’s quite the appreciation in value in just 22 years. Which once again begs the question why sell the team when it’s worth so much.
The Celtics put out the following statement on their x.com account:
“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,” a statement released by the Celtics on Monday read. “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.”
Boston Celtics Franchise Is Up For Sale
Under Grousbeck’s leadership the team has won two championships. And based on interviews he appeared to be looking to win a third. He was quoted as saying, “I mean, I’ve got to go design a ring with the guys. And we’ve got to raise the banner in October. There’s more to do. But we’re going to build the team for next year. We’re going to enjoy this for now, though. We’re fans who bought this team, we’re all in this together. Let’s go get another one.”
However, it seems that he has had a change of heart. Apparently he wants to sell his share to new investors to guide the organization into the future. I suppose cashing in now when the team is at its highest value ever makes good business sense. But I can’t help but wonder if there’s more to the story.
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