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Boston Celtics’ majority owner Wyc Grousbeck selling stake in team

July 1st, 2024

Boston Celtics majority owner Wyc Grousbeck is exploring a sale of his stake in the 2024 NBA champions, the team announced on Monday.

“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 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 franchise, which Forbes valued at $4.7 billion in 2023, was purchased by an investment group led by Grousbeck in 2002 for $360 million. The Celtics have won two championships and reached the NBA Finals four times under their current ownership.

Last month, the Celtics won their 18th NBA title in franchise history, beating the Dallas Mavericks in five games. After going 64-18 during the regular season to ensure the top seed in the playoffs, the team beat the Miami Heat, Cleveland Cavaliers and Indiana Pacers to reach the NBA Finals.

“It feels like we’ve got more to do,” Grousbeck said following the Celtics’ championship parade. “I mean, I’ve got to go design a ring with the guys, and we’ve got to raise the banner in October. There’s more to do. But we’re going to build the team for next year. We’re going to enjoy this for now, though. … We’re fans who bought this team. We’re all in this together. Let’s go get another one.”

The franchise’s 18th NBA title broke the tie with the Los Angeles Lakers for most in league history.

This content was originally sourced and posted at Yahoo! Sports – News, Scores, Standings, Rumors, Fantasy Games »
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