Friday, July 19, 2024

Ownership group of NBA champion Boston Celtics is putting team up for sale

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BOSTON (AP) — The ownership group that controls the NBA champion Boston Celtics says it intends to sell all its shares of the team.

In a statement released Monday, Boston Basketball Partners LLC said it intends to sell the majority of its shares in 2024 or early 2025. The balance of its shares would then close in 2028.

Wyc Grousbeck, whose family leads the ownership group, is expected to remain the team’s NBA governor until the sale is complete.

“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 statement said.

The Celtics defeated the Dallas Mavericks in the NBA Finals last month to capture the franchise’s 18th championship.

Boston Basketball Partners — led by venture capitalist Grousbeck, his father and investor H. Irving Grousbeck, along with venture capitalist Steve Pagliuca — purchased the Celtics for $360 million from the Gaston family in 2002. The Gastons had owned the team since 1983.

One of the NBA’s original and storied brands, the Celtics were valued at $4.7 billion last year by Forbes, placing them behind only the Golden State Warriors ($7.7 billion), New York Knicks ($6.6 billion) and Los Angeles Lakers ($6.4 billion).

The current ownership group was in charge when the Celtics won the NBA title in 2008.

In an email to Celtics staff that was obtained by The Associated Press, Wyc Grousbeck wrote they are “committed to finding a worthy incoming ownership group who will guide the Celtics to more decades of success.”

He added: “There will be a thoughtful and thorough process to find a buyer that recognizes the importance of Celtic Pride on the court and in the community.”

Last year, the Phoenix Suns were purchased by mortgage firm owner Mat Ishbia for $4 billion. That was followed by the sale of the Milwaukee Bucks to Cleveland Browns owners Jimmy and Dee Haslam for $3.5 billion. Last November, Mark Cuban agreed to the sale of the majority of his Dallas Mavericks’ ownership shares to Miriam Adelson and son-in-law Patrick Dumont, who operates the Las Vegas Sands casino company, for $3.5 billion.

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This story has been corrected to show that the New York Knicks are valued at $6.6 billion, not $6.6 million, and that the Dallas Mavericks recently sold for $3.5 billion, not $3.5 million.

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AP NBA: https://apnews.com/hub/nba

Kyle Hightower, The Associated Press

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