Though the Celtics’ title defense won’t start for a few weeks, the entire team is about to undergo transformation. The team governor claims that Wyc Grousbeck and his family made the announcement this summer that the team is for sale, and that the bidding process is intensifying.
In an interview with the Boston Globe, Grousbeck revealed that the bidding process is poised to commence following months of preparations by bankers.
It took this long for our advisors to go through the financial and business data of the team and our whole management team, and spend enough time to put together offering books,” Grousbeck told Adam Himmelsbach. “Now they’re beginning to have discussions with interested parties and the bidding process will commence in the next month or so.”
will fetch a total valuation of $5–6 billion, with the sale of 51% of the Grousbeck ownership scheduled for the 2024–25 season. Closing on the remaining portion of the purchase is anticipated in 2028.
It is anticipated that the Celtics Other than co-owner Steve Pagliuca, no other confirmed interested parties have been identified as of yet. Grousbeck discussed the relationship between the two in the interview, but he also stated that there will be an open bidding process.
After 22 years, we’re still essentially all together because we’ve been able to collaborate with the other ownership, according to Grousbeck. “Although all of these individuals are limited partners, I have deliberately sought their advice and collaborated with them throughout, and after 22 years, we have a contented group—something that is genuinely uncommon in the business sector. Steve has also been quite helpful. In the annals of our Celtics history, he introduced Danny Ainge into the fold. Although Steve has been excellent and will remain so, the bid is not protected by any particular rights. We have to play it that way because that’s how our documents read, and that’s how we’re playing it.
On October 22, the Celtics take on the Knicks, who are their division rivals, at TD Garden to kick off the regular season.