Just two weeks after their NBA Finals victory, with green and white confetti still adorning the streets of Boston, Wyc Grousbeck sent shockwaves through the NBA by announcing that Boston Basketball Partners L.L.C. intended to sell their majority ownership share in the Celtics.
Grousbeck, who has been the leading face of the Celtics’ ownership group during two NBA championships, four NBA Finals appearances, and nine trips to the Conference Finals, publicly discussed the sale for the first time on CNBC’s “Closing Bell on Monday.” He clarified that despite his role as governor, he was not the principal owner of the stake.
“I want to just clarify, it’s not my majority stake,” Grousbeck noted. “The control of the team is owned by my family, so it’s a family that I belong to and then I have the Celtics family I also belong to, so there’s an intersection and there’s an involvement. The family, we’ve been involved for 22 years. There’s been discussions and thoughts about estate planning and family planning.”
According to last week’s statement from the Celtics, the decision to sell the Grousbecks’ shares was driven by “considerable thought and internal discussion” surrounding “estate and family planning considerations.”
When asked to provide further details on those “considerations,” Grousbeck offered little elaboration.
“It really just says it — it’s a family, been in a long time, loves the Celtics, and at some point after 22, even 25, 26 years, you can find somebody else to come in with energy and commitment,” the 63-year-old said. “We’re going to try and find the right buyer.”
Grousbeck, a Worcester native and lifelong Celtics fan, led an investment group that bought the Celtics for $360 million in 2002. According to Forbes, the team is now 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. The ownership group aims to complete the sale in two phases, potentially selling the majority of their family’s ownership stake by early 2025.
“The plan, the expectation is to sell the team in two parts, 51 percent going fairly soon, 49 percent then closing in a second closing, that’s the expectation in 2028,” Grousbeck said. “I’m planning or expected to stay on until 2028 [as governor], and we’re going to hire bankers and advisors, and this is going to be quite a bidding process.”
The bidding is undoubtedly going to be fierce.
Last year, the Washington Commanders set the record for the most expensive franchise purchase in the history of U.S. sports at $6.05 billion, surpassing the 2022 sale of the Denver Broncos, which sold for $4.65 billion. In December 2022, the Phoenix Suns set a new high-water mark for NBA franchises selling for $4 billion.
Regarding potential buyers for the Celtics, Grousbeck declined to disclose details but confirmed that co-owner Steve Pagliuca, who has expressed interest in participating, plans to be involved in the upcoming bidding process.
“Steve has been a terrific lead partner, lead co-owner in many ways,” said Grousbeck. “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, and we welcome him for sure in the bidding process.”
When asked about the potential involvement of John Henry, principal owner of Fenway Sports Group (which owns the Red Sox), Grousbeck did not directly respond to the question.
“I can’t comment on anyone else, really, but I know John is a good personal friend. There will be great bidders, and I think we’re going to make it very proud of how it ends,” Grousbeck said.
“We haven’t even begun the process but the family has agreed to find a new ownership group coming in that will make everybody proud of the Celtics moving forward.”
Despite the team’s impending sale, the front office has been active this offseason, retaining all of their free agents except Oshae Brissett and Svi Mykhailiuk. The Celtics have also signed Jayson Tatum to a five-year, $314 million super-max extension and Derrick White to a four-year, $126 million extension.
Fifteen of the 17 players who were in Boston after last season's trade deadline will be returning for the 2024-25 season.
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