The Boston Celtics ownership group recently announced in a statement that they plan to sell the team.
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
Initially reported by ESPN NBA insider Adrian Wojnarowski and Adam Himmelsbach of The Boston Globe, the ownership group followed with a statement to confirm stating:
“Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, announced today its intention to sell all the shares of the team,” the team said in its statement. “The controlling family of the ownership group, after considerable thought and internal discussion, has decided to sell the team for estate and family planning considerations.”
The Boston Celtics just celebrated their record 18th banner after winning the 2024 NBA Finals.
Wyc Grousbeck purchased the Celtics in 2002 for $360 million and he leads the majority of the ownership group.
“The plan, the expectation is to sell the team in two parts, 51 percent going fairly soon,” Grousbeck said. “Forty-nine percent then closing in a second closing, that’s the expectation in 2028. I’m planning or expected to stay on until 2028 and we’re going to hire bankers and advisors and this is going to be quite a bidding process.”
In a recent appearance on CNBC, Wyc Grousbeck further addressed the ongoing situation about selling the Celtics saying, “I just want to clarify, it’s not my majority stake; the control of the Celtics is owned by my family.”
CLNS Media’s Bobby Manning reacts to Wyc’s statement and discusses potential bidders for the majority stake in the Celtics. Could Steve Pagliuca or John Henry emerge in the bidding process?
“It’s not great. This is an ownership group that’s been stable. As [Dan Shaughnessy of the Boston Globe] wrote, a lot of success here for this group, a lot of investment in the team… Who’s gonna be able to sustain this payroll,?” said CLNS Media’s Bobby Manning.
Could Steve Pagliuca or John Henry emerge in the bidding process? Bobby Manning reacts to Wyc’s statement and discusses potential bidders for the majority stake in the Celtics.
This is a developing story and CLNS Media continues to bring you coverage on the latest updates throughout this historic sale.
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