Boston Basketball Partners LLC, the ownership group of the Boston Celtics, Wednesday announced its intention to sell the team, which just a few weeks ago claimed a record 18th NBA title.
A statement issued by the team reads: “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 (venture capitalist and CEO) Wyc Grousbeck to remain as the governor of the team until the second closing in 2028.”
For the record, the club was bought back in 2002 for $360 million, including $200 million in equity, by a group that included now lead Grousbeck, his telecom tycoon father Irv, and private equity investor Steve Pagliuca. According to Forbes, the Celtics were the fourth-most valuable NBA franchise in 2023 – at a valuation of $4.7 billion.
