Inside The Celtics

Celtics' Ownership Group Announces Plan to Sell the Franchise

Bobby Krivitsky

Jun 17, 2024; Boston, Massachusetts, USA; Boston Celtics owner Wyc Grousbeck holds the trophy after winning the 2024 NBA Finals against the Dallas Mavericks at TD Garden. Mandatory Credit: Peter Casey-USA TODAY Sports
Jun 17, 2024; Boston, Massachusetts, USA; Boston Celtics owner Wyc Grousbeck holds the trophy after winning the 2024 NBA Finals against the Dallas Mavericks at TD Garden. Mandatory Credit: Peter Casey-USA TODAY Sports / Peter Casey-USA TODAY Sports
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Exactly two weeks ago, the Celtics celebrated securing Banner 18, breaking a tie with the Lakers for the most NBA championships in league history. Now, they're bracing for new ownership.

Boston Basketball Partners L.L.C., the franchise's ownership group, announced Monday it intends to sell all of the shares of the Celtics.

"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," they said in a press release.

"The managing board of the ownership group expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as the Governor of the team until the second closing in 2028."

According to Adam Himmelsbach of the Boston Globe, there's an expectation that some of the members of the Celtics' ownership group will stay on board.

Led by Grousbeck, Boston Basketball Partners L.L.C. bought the now 18-time NBA champions for $360 million in 2002. Forbes currently lists the Celtics as worth $4.7 billion.

The franchise extended Derrick White shortly before the news of ownership's intent to sell the team broke, agreeing to a four-year, $125.9 million extension with a player essential to Boston's aspirations of converting Banner 18 into the start of a dynasty.

The Celtics summer plan figures to include a supermax extension for Jayson Tatum valued at approximately $315 million. Their new pacts with White and Tatum will push their 2025-26 financial commitments north of $200 million.

As ESPN's Bobby Marks pointed out, with the NBA set to introduce more severe financial repercussions for teams in the luxury tax starting next year, while Boston should get commended for working to keep its top six intact, it has the organization positioned to field the most expensive team in league history.

With their payroll projected to reach roughly $225 million as the Celtics absorb more harsh repeater tax penalties, they could approach $450 million in payroll and tax payments.

Further Reading

Derrick White, Essential to Celtics' Dynasty Hopes, Signs 4-Year Extension

Celtics Continue Shoring Up Depth at Center, Re-Sign Neemias Queta

Celtics Work Quickly to Re-Sign Luke Kornet

Celtics Make Deadline Day Decision on Sam Hauser's Team Option

Brad Stevens Shares His Outlook on Celtics' Draft Picks

Baylor Scheierman Shares Celtics' Feedback Before Drafting Him

Al Horford, Raising Cane's, and a Region that Loves Him

On Derrick White and the Fuel for Unprecedented Journey to NBA's Best Role Player

Jayson Tatum, an NBA Champion Entering Peak of His Powers

Jaylen Brown Caps Career Year with NBA Finals MVP: 'Can't Even Put it into Words'

Tatum and Brown Reach NBA Summit, Lead Celtics to Banner 18

Sports Doctor Details Challenges, Risks of Kristaps Porzingis Playing in NBA Finals

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Bobby Krivitsky

BOBBY KRIVITSKY

Bobby Krivitsky's experiences include covering the NBA as a credentialed reporter for Basketball Insiders. He's also a national sports talk host for SportsMap Radio, a network airing on 96 radio stations throughout the country. Additionally, he was a major-market host, update anchor, and producer for IMG Audio, and he worked for Bleacher Report as an NFL and NBA columnist.

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