Celtics sale: Owner Wyc Grousbeck planning to sell after 2024 NBA title, team valued at nearly $5 billion

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Boston Celtics owner Wyc Grousbeck is planning to sell his majority stake in the team, the franchise announced on Monday. The Grousbeck-led Boston Basketball Partners originally purchased the team in 2002 and recently oversaw Boston’s first NBA championship since 2008. The Celtics say a sale is expected either by the end of 2024 or early 2025 and that Grousbeck will remain as the team’s owner until a sale is completely closed in 2028.

“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. 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 team said. 

“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.”

The Celtics are one of the NBA’s crown jewel franchises. Forbes gave them a $4.7 billion valuation in 2023, which was the fourth-highest valuation in the sport behind the Golden State Warriors, New York Knicks and Los Angeles Lakers. Grousbeck purchased the team 22 years ago for $360 million.

The NBA has seen a rash of unexpected team sales in recent years. Mark Cuban stunningly decided to sell most of his stake in the Dallas Mavericks during the season at a reported valuation of more than $4 billion. Michael Jordan sold his share of the Charlotte Hornets at a roughly $3 billion valuation. Glen Taylor attempted to sell the Minnesota Timberwolves to Alex Rodriguez and Marc Lore, but that sale is now in doubt and will be decided in arbitration. Now, Grousbeck joins the group of NBA mainstays that have cashed out of the league in a fairly short span.

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Source link : https://www.cbssports.com/nba/news/celtics-sale-owner-wyc-grousbeck-planning-to-sell-after-2024-nba-title-team-valued-at-nearly-5-billion/

Author : Sam Quinn

Publish date : 2024-07-01 17:53:12

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