The Boston Celtics’ ownership group, Boston Basketball Partners L.L.C., declared today that it intends to sell every share in the franchise. The sale will take place on July 1. After much deliberation and internal debate, the ownership group’s controlling family has made the decision to sell the team in order to address estate and family planning issues.
The ownership group’s managing board anticipates Wyc Grousbeck to continue serving as the team’s governor through the second close in 2028 after selling the majority of the interest in 2024 or early 2025.
Later, Grousbec stated that the family wanted to sell the team in two stages: the first for 51% now and the remaining amount in 2028, provided he remains in charge until the
NBA commissioner Adam Silver recently announced that, in accordance with the team’s existing ownership group’s expressed objectives, the league is open to considering a possible franchise sale. After last Tuesday’s owners meetings in New York, Silver told reporters that the league had informed the Celtics that it would consider any proposed sale arrangement on an individual basis.
Furthermore, according to Josh Kosman of The New York Post, Irving Grousbeck, the 90-year-old father of Wyc Grousbeck, is alarmed by the team’s current roster costs.
Jaylen Brown ($285 million), Kristaps Porzingis ($60 million), Jrue Holiday ($135 million), Derrick White ($125 million), and Jayson Tatum ($315) have all been re-signed by the Celtics.
With by far the most costly starting lineup in the NBA, Boston’s Grousbeck probably believes the team will be much harder to sell, which is why the league is looking at various different sale formats to assist close a deal. The Celtics will be paying payroll of half a billion dollars in 2025–2026; therefore, the new regulations will result in an even larger luxury tax.