The Boston Celtics, some of the historic franchises within the NBA, are up on the market, and the method is about to succeed in its first essential inflection level. Jan. 23 is the deadline for the primary spherical of bids and the staff expects there to be not less than 4 events, in keeping with the Boston Globe. The value is finally anticipated to exceed $6 billion.
Present Celtics co-owner Steve Pagliuca leads one of many teams concerned, although the id of the opposite teams stays unknown. All the bidders have already been vetted by the NBA, per the Globe.
Again in July, shortly after successful their record-setting 18th championship in 5 video games over the Dallas Mavericks, the group made a shock announcement that proprietor Wyc Grousbeck was planning to promote his majority stake within the staff. The Grousbeck-led Boston Basketball Companions have owned the staff since 2002, after they bought it for $360 million.
“The controlling household of the possession group, after appreciable thought and inside dialogue, has determined to promote the staff for property and household planning functions,” the staff’s assertion on July 1 learn.
The sale will likely be performed in two phases. Within the first, which is able to occur sooner or later over the following few months, the Grousbecks will promote 51% of the franchise to the brand new proprietor. The remaining 49% of the franchise will likely be offered to the brand new proprietor in 2028. Wyc Grousbeck, the present Celtics governor, hopes to stay in that position till the ultimate shares are offered in 2028, although it stays to be seen if the brand new homeowners would enable him to take action.
Grousbeck has been one of many steadiest and most profitable homeowners in latest NBA historical past. The Celtics have missed the playoffs simply 3 times since he took over in 2002, and through that stretch, they’ve gained two titles, made 4 Finals appearances and made 9 journeys to the Jap Convention finals.
The sale and Grousbeck’s impending departure increase questions concerning the Celtics’ future. At first, will the brand new proprietor be keen to pay to maintain this staff collectively? Between salaries and luxurious tax penalties, the overall price to maintain this roster in place for the 2025-26 season would exceed $500 million, in keeping with Bobby Marks, which might be the costliest roster in league historical past.
