Boston Celtics owner Wyc Grousbeck is preparing to sell his majority stake in the franchise following their recent NBA championship victory. The sale is expected to be finalized by the end of 2024 or early 2025, with Grousbeck continuing as the team’s Governor until the transaction is fully completed in 2028. Grousbeck and the Boston Basketball Partners, who acquired the Celtics in 2002, have overseen significant success, including NBA titles in 2008 and 2024.
BREAKING: The Boston Celtics majority ownership group — led by Wyc Grousbeck — is planning to make the franchise available for sale, sources tell ESPN. The investment group purchased the team in 2002. Massive development for one of sports’ most valuable properties. pic.twitter.com/ICixdcJtLF
— Adrian Wojnarowski (@wojespn) July 1, 2024
In a statement, Boston Basketball Partners cited estate and family planning considerations as the primary reasons for the sale. The managing board plans to sell a majority interest soon while Grousbeck remains involved until the final closing. The Celtics, valued at $4.7 billion by Forbes in 2023, are one of the NBA’s premier franchises and the fourth-highest valued team in the league.
Grousbeck’s initial purchase of the Celtics for $360 million 22 years ago has seen a substantial increase in value over his tenure. His planned sale adds to a trend of notable NBA owners cashing out, following recent high-profile sales by Mark Cuban of the Dallas Mavericks and Michael Jordan of the Charlotte Hornets.
Prospective buyers will acquire a valuable team with considerable financial commitments. The Celtics have Jaylen Brown and Jayson Tatum signed to supermax contracts, both worth over $300 million. Under Grousbeck’s leadership, the Celtics have made the playoffs in 19 of his 22 years as owner.