After only several weeks of becoming NBA champions once again, the Boston Celtics are on the search for a new owner.
Current owners, the Boston Basketball Partners LLC, confirmed the other day that it intends to sell all shares of the NBA franchise and has decided to sell for estate and family planning considerations.
Furthermore, the ownership group stated that the majority sale of the Celtics is expected to be completed by the end of 2024, or early 2025, with the remainder of the sale to be closed in 2028.
Boston Basketball Partners was led by Wyc Grousbeck in 2002 to complete the $360m acquisition of the team. The Executive Committee of the team also consists of Wyc’s father H. Irving Grousbeck, and Stephen Pagliuca.
Under the ownership group’s 20-year-plus reign, the Celtics have gone on to win two NBA championships in 2008, and most recently in 2024. The team has also reached four NBA Finals in the process.
Due to a surge in NBA team valuations, attributed to several team sales over the past year, combined with the Celtics’ historic and recognisable name, the ownership group will be expecting a large offer for the team.
Last October, Forbes estimated the Celtics’ valuation to be at $4.7bn, but after a recent NBA title victory as well as Grousbeck hunting for the largest offer possible, it has been reported that the team could go for upwards of $5.5bn.
