Inside The Celtics

New Details about Plan to Sell Majority Stake in Celtics Revealed

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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With the Larry O'Brien Trophy perched beside him, Wyc Grousbeck made an appearance on CNBC's Closing Bell on Monday. It was his first time speaking publicly since the announcement that Boston Basketball Partners L.L.C., which owns a majority stake in the Celtics, intends to sell all its shares in the franchise.

In his conversation with host Scott Wapner, Grousbeck made a critical distinction in noting that while he is the Celtics' governor, his family are the ones who own a majority stake in the reigning NBA champions.

"I want to clarify, it's not my majority stake," Grousbeck said. "The control of the team is owned by my family. So, it's a family that I belong to, and then I have the Celtics family I also belong to. So, there's an intersection, and there's an involvement. So, the family has been involved, we've been involved (for) 22 years. So, there's been discussions and thoughts about estate planning and family planning."

Grousbeck also provided details about the plan to sell the franchise in a two-part transaction, with the majority of his family's ownership stake sold by early 2025.

"The plan, the expectation is to sell the team in two parts, 51 percent going fairly soon," he stated. "Fourty-nine percent then closing in a second closing, that's the expectation in 2028. I'm planning or expected to stay on until 2028 (as governor), and we're going to hire bankers and advisors, and this is going to be quite a bidding process."

When asked about the idea of selling the majority stake in a franchise for potentially $5 billion or perhaps even more depending on how the bidding process plays out, but staying on as the Celtics' governor until the second closing in 2028, Grousbeck expressed the following.

"That's how we planned it out. I would say that's the expectation going into this process. I would love that to happen, and that's the expectation. We will see what plays out and go from there."

Grousbeck also addressed a prospect that many Celtics fans would love to see, which is that if the team changes hands, it's to co-owner Steve Pagliuca.

"Steve has been a terrific lead partner, lead co-owner in many ways," Grousbeck said. "Brought Danny Ainge to the table back in the day when we were looking for a general manager. Steve has been great and is a great person, and we welcome him for sure in the bidding process."

In their 22 years with a majority stake in the Celtics, the Grousbecks have done an exceptional job as franchise stewards, including helping raise two championship banners to the TD Garden rafters and strengthening the connection between the team and the community. As the bidding process plays out, Grousbeck voiced his commitment to finding the right suitor to lead the Celtics moving forward, not just the highest bidder:

"We haven't even begun the process, but the family has agreed to find a new ownership group coming in that will make everybody proud of the Celtics moving forward."

Further Reading

Fenway Sports Group Releases Statement on Interest in Purchasing Celtics

Jayson Tatum Wants to be in Boston His Entire Career

Baylor Scheierman Surprised He Fell to Pick 30, Excited to Join Celtics

Celtics Rookie Anton Watson Shares Brad Stevens' Message to Him

Celtics' Coaching Staff Changes Match Theme of Boston's Offseason

Celtics Roster, Salary Cap Breakdown After Whirlwind Start to Free Agency

Celtics Announce Summer League Roster

Brad Stevens Shares His Outlook on Celtics' Draft Picks

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

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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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