Follow usBoston Basketball Partners, led by Wyc Grousbeck, announced on Monday their intention to sell their shares of the Boston Celtics, the team that recently won the NBA title. The decision stems from estate and family planning considerations, according to the team’s statement.
The ownership group plans to sell a majority interest in the team either in 2024 or early 2025, with the remaining shares expected to be sold by 2028. Despite the sale, Grousbeck will continue to serve as the Governor of the team until the final sale is completed in 2028.
Official statement from the Celtics on Boston Basketball Partners L.L.C. and it’s decision to sell the team this afternoon. @WATDSSMN pic.twitter.com/Lo5g16mD8i
— Brendan Connelly (@BConn63) July 1, 2024
Grousbeck, alongside Steve Pagliuca, spearheaded the acquisition of the Celtics in 2002 for $360 million. The value of NBA teams has surged significantly since then, with the Phoenix Suns being sold for $4 billion in February 2023, and the Milwaukee Bucks and Dallas Mavericks each fetching $3.5 billion in subsequent transactions.
The Celtics clinched their 18th NBA championship, the most in league history, by defeating the Dallas Mavericks 4-1 in the finals on June 17. The team is favored to repeat their success next season, thanks to the standout performances of Finals MVP Jaylen Brown and star forward Jayson Tatum.
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