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The Boston Celtics ownership group — led by Causeway co-founder and partner
Wyc Grousbeck — is planning to
sell the franchise, with sources saying the timing is opportune and fiscally prudent.
With the NBA on the verge of a
media rights deal worth roughly $76B, followed presumably by exorbitant expansion fees in coming years, the sources said the franchise’s net worth has never soared higher. They also speculated the cost of keeping the defending champion Celtics together — and surpassing the NBA’s second tax apron —could also play a role. The Celtics' 2024-25 payroll is currently expected to be just over $192 million. On Monday, Jayson Tatum and the Celtics reportedly agreed to a five-year maximum contract extension projected to be worth $314 million.
"If you took out that this is the greatest country club on Earth to own — you own the one of the most iconic brands on Earth — the rational business decision would be to sell," one source close to the league said. "[The team’s value] is just going to keep going higher and higher. And if you look at other [assets] that may or may not be performing well in their portfolio --this could be the best liquid asset that they have."
In a statement, Boston Basketball Partners LLC said it intends to sell the shares of the team "for estate and family planning considerations." The managing board expects to sell a majority interest in 2024 or early 2025, the statement said, with the balance closing in 2028. Grousbeck is expected to remain as the Governor of the team until the second closing in 2028, the statement said.
ESPN was first to report the potential sale.
Another source
told the Boston Globe that while Grousbeck is "looking to sell his stake in the team," the potential sale "is not expected to include the entire investment group that purchased the team in 2002" for $360 million. That scenario coincides with what SBJ’s sources believe — that Grousbeck has business purposes to unload his portion of the Celtics.
Those sources believe Causeway's and Grousbeck's recent spate of hefty investments, including a large check written through the Strategic Sports Group to the PGA Tour, possibly have him in need of "liquidity" and that the NBA’s looming media rights deal and expansion make it an ideal time to profit off the franchise.
Those sources said Grousbeck is one of the "new breeds of owners" who views the valuations of an NBA team as "a math exercise more than a family legacy."
Sources suspect the team could sell for well above $5B, after Forbes valued the franchise at $4.7B in 2023. The Celtics have won two championships and reached the NBA Finals four times under the current ownership group.
"I look at this and say, 'This is the most rational thing I've ever seen somebody do,'" the source close to the league said. "They've got an appreciating asset where good news is coming with media deals and potential expansion fees. On a team that is just coming off a massive high but is going to be wildly expensive to keep together."
In a recent interview with The Boston Globe, Grousbeck acknowledged the team was losing money, but noted, "We are unconcerned by that."
