Celtics Ownership to Sell Majority Interest

Celtics Ownership to Sell Majority Interest
Celtics Ownership to Sell Majority Interest

One of sports’ most storied franchises is about to be up for grabs.

In a statement released, the Celtics — fresh off their NBA-record 18th championship — announced the managing board of the ownership group expects to sell the majority interest of the team in 2024 or early 2025.

“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 statement said.

Wyc Grousbeck, who pioneered an investment group that bought the Celtics for $360 million back in 2002, is expected to remain the franchise’s NBA governor until the sale is complete.

The balance of shares would close in 2028.

Prior to the news, there was no indication that the Worcester native wanted to move on, especially as he has been a lifelong Celtics fan.

“It feels like we’ve got more to do,” he told reporters at the Celtics’ championship parade after Boston defeated the Dallas Mavericks in Game 5 of the NBA Finals on June 17.

“I mean, I’ve got to go design a ring with the guys, and we’ve got to raise the banner in October. There’s more to do. But we’re going to build the team for next year. We’re going to enjoy this for now, though.”

Grousbeck even added: “We’re fans who bought this team. We’re all in this together. Let’s go get another one.”

However, The Boston Globe reported on X that “this potential sale is not expected to include the entire investment group that purchased the team in 2002.”

In 2023, Forbes estimated the franchise to be worth $4.7 billion.

But the cost to purchase the team is unclear if it will only be Grousbeck’s shares.

The 63-year-old was also a part of the 2008 Celtics championship team, which included stars Paul Pierce, Kevin Garnett and Ray Allen.

The franchise could garner significant interest in its controlling stake — especially with the Celtics hunting for a repeat next year.