Wyc Grousbeck addresses plan to sell Celtics, clarifies important details

Wyc Grousbeck addresses plan to sell Celtics, clarifies important details originally appeared on NBC Sports Boston

The Boston Celtics stunningly announced last week that their ownership group led by Wyc Grousbeck, Boston Basketball Partners LLC, planned to sell all its shares of the team.

The news surprised many, including Celtics superstar Jayson Tatum. With Boston coming off a dominant season topped off with an NBA championship, a team sale wasn’t exactly top of mind.

The Celtics’ press release stated that the sale is expected to begin later this year or in early 2025, with Grousbeck ending his term as governor when the sale closes in 2028. On Monday, Grousbeck clarified important details of the sale during an interview with CNBC.

“I want to just clarify that it’s not my majority stake in the franchise,” Grousbeck said. “The control of the team is owned by my family. It’s a family that I belong to. Then, I have the Celtics family that I also belong to. There’s an intersection and there’s an involvement. The family has been involved 22 years. There’s been discussions and thoughts about estate planning and family planning.

“The expectation is to sell the team in two parts, 51 percent going fairly soon, 49 percent then closing in a second closing in 2028. I’m planning or expecting to stay on until ’28, and we’re going to hire bankers and advisors. This is going to be quite a bidding process.”

Boston @celtics Governor and Majority Owner Wyc Grousbeck joins us exclusively to discuss the ownership group’s decision to sell the team fresh off an @NBA record 18th world championship: pic.twitter.com/exD3vW8cHt

— CNBC’s Closing Bell (@CNBCClosingBell) July 8, 2024

Shortly after the Celtics’ announcement, co-owner Steve Pagliuca shared his intention to be involved in the bidding process. Grousbeck wouldn’t comment on any potential buyers, but he underscored the respect he has for Pagliuca.

“Steve has been a terrific lead partner, lead co-owner in many ways,” he added. “Brought Danny Ainge to the table back in the day when we were looking for a general manager. Steve has been great and is a great person…

Source link : https://sports.yahoo.com/wyc-grousbeck-addresses-plan-sell-233505054.html

Author : NBC Sports Boston

Publish date : 2024-07-08 23:35:05

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