On Monday, the owners of the NBA champion Boston Celtics announced that they were putting the team up for sale, just two weeks after securing their record 18th NBA championship.
Last October, Forbes magazine valued the Celtics at $4.7 billion, placing them behind only the Golden State Warriors ($7.7 billion), New York Knicks ($6.6 billion), and Los Angeles Lakers ($6.4 billion), with an 18% increase in value.
Wyc Grousbeck led a group that bought the Celtics in 2002 for $360 million. However, recent sales of NBA teams have reached significantly higher amounts. In February 2023, the Phoenix Suns were sold to Mat Ishbia for $4 billion, and a co-ownership stake in the Milwaukee Bucks went to Jimmy and Dee Haslam for $3.5 billion last year. Additionally, the Dallas Mavericks, who lost to Boston in last month’s NBA Finals, were sold in December to casino moguls Miriam Adelson and Patrick Dumont, who purchased a 69% majority stake for $3.8 billion.
“Boston Basketball Partners LLC, the ownership group of the Boston Celtics, announced today its intention to sell all the shares of the team,” Celtics ownership stated.
“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.”
Grousbeck is expected to remain the team’s representative on the NBA Board of Governors until the final sale is completed in 2028, according to the ownership.
Under the current owners, the Celtics won the NBA title in 2008, defeating the Los Angeles Lakers, lost the final to the Lakers in 2010, and dropped the 2022 final to Golden State before claiming this year’s championship.
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