On the first full day of free agency Monday, the biggest news wasn’t about a player’s departure, but rather an owner, as it was announced that the Boston Celtics ownership group, led by Wyc Grousbeck, is planning to put the franchise up for sale.
The Grousbeck family, holding the majority stake, has opted to pursue a sale “for estate and family planning reasons,” according to the team. The ownership group’s management board anticipates selling a majority interest by 2024 or early 2025, with the remaining balance to be finalized by 2028. Grousbeck is slated to continue as the team’s governor until the sale concludes in 2028.
Despite Grousbeck’s departure, the team’s minority owners in the ownership group are not planning to sell and may even increase their stake in the team soon. That includes Steve Pagliuca, who, alongside Grousbeck, led the group that purchased the team in 2002 for $360 million.
Pagliuca released a statement expressing heartfelt appreciation for Grousbeck and the team’s investment partners while also indicating his interest in getting involved in the bidding.
“I am grateful and thankful for the 21-year partnership I have enjoyed with Wyc and Irv Grousbeck, the Epstein family, and all the incredible Celtics investment partners,” Pagliuca said. “It has been a remarkable run that resulted in two NBA Championships for the best and most passionate fans in professional basketball, capped off with an amazing duck boat parade last week in Boston.
“Along with the championships, we are most proud of the growth of our community impact efforts and the dedication of the investor group, coaches, players, and staff to helping community members who are in need.
“Being a co-investor and Managing Partner of the Celtics has been a great honor and a labor of love. I hope to be part of the Celtics moving forward and will be a proud participant in the bidding process that has been announced today.”
Since assuming control in 2002, under Grousbeck and Pagliuca’s leadership, the Celtics have secured two NBA championships, reached the Finals four times, achieved the third-highest number of regular-season victories, and recorded the second-highest number of playoff victories in the league.
In addition to his role with the Celtics, Pagliuca, 69, also serves as co-owner and co-chairman of Atalanta FC, an Italian soccer club that recently clinched the Europa League title, marking Atalanta’s first major trophy in 61 years.
According to Forbes, the Celtics are currently valued at $4.7 billion, making them the fourth-most valuable team in the NBA behind the Golden State Warriors, New York Knicks, and Los Angeles Lakers.
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