The Celtics could soon be up for sale, just weeks after winning their first championship in 16 years.
Majority owner Wyc Grousbeck plans to sell his stake in the franchise, ESPN’s Adrian Wojnarowski reported Monday. The news was later announced by the Celtics, who confirmed that “all shares” of the team will be sold.
Grousbeck was the face of the ownership group that purchased the Celtics for $360 million in 2002. One of the biggest brands in professional sports, the franchise has won two championships under his ownership and has grown exponentially in value along with most other NBA teams.
Here’s a look at why Grousbeck is making the decision now to sell the Celtics, plus a hint at when the franchise could change hands.
Why is Wyc Grousbeck selling the Celtics?
The Celtics ownership group announced Monday that the controlling family — the Grousbeck family — intends to sell “all shares” of the franchise “for estate and family planning considerations.”
While the team did not elaborate on the exact family considerations that went into Grousbeck’s decision, the 63-year-old has decided now is the time to begin his transition away from basketball.
According to the Celtics, however, that transition won’t be a quick one. While the majority of the team’s shares are expected to be sold in 2024 or early 2025, according to the owners, Grousbeck plans to remain Boston’s controlling interest until the entire team is sold in 2028.
Statement from Celtics owners… photo.twitter.com/lk8c0yzHXd
— Chris Forsberg (@ChrisForsberg_) July 1, 2024
The exact reason for the decision may not be known until Grousbeck himself speaks, but it’s hard to ignore the massive amount of money the Celtics could get from a sale. NBA franchises have skyrocketed in value over the past two decades, and the Celtics were one of the biggest brands in the sport even before they won their 18th championship.
Grousbeck, while fairly wealthy by general standards, doesn’t have a net worth that matches that of some of the NBA’s new owners. That could make it difficult for him to keep up if the Celtics end up paying hefty luxury tax penalties to keep their championship core together for the long haul. By selling the franchise to someone who can foot that kind of bill, Grousbeck can recoup money rather than lose it.
With a championship pedigree new to the mix, there may not be a better time to begin the sale process. The plan also allows Grousbeck to remain Boston’s controlling person through 2028, overseeing a window that could bring more championships to Boston.
How much did Wyc Grousbeck buy the Celtics for?
Grousbeck was the face of a group that purchased the Celtics for $360 million in 2002. Needless to say, the impending sale of the franchise will pay exponentially more than that figure.
Recent NBA sales include the Suns for $4 billion (2022), the Rockets for $2.2 billion (2017), the Clippers for $2 billion (2024) and just 73 percent of the Mavericks for $3.5 billion (2023). Given the Celtics’ record, they could easily set an NBA record and make Grousbeck’s 2002 investment look brilliant in retrospect.
How much are the Celtics worth?
The Celtics are estimated to be worth $4.7 billion. According to Forbeswhich put Boston in fourth place behind the Warriors, Lakers and Knicks. The price was calculated in October 2023, before the Celtics’ championship season.
There may be other franchises worth more, but they don’t often come up for sale. A complete sale of the NBA’s fourth-richest franchise is a rare occurrence, and a bidding war for the team could very well push the price tag above $5 billion.
The current record for an NBA franchise is $4 billion, set by Mat Ishbia’s purchase of the Suns in late 2022.
Wyc Grousbeck Net Worth
According to Celebrity Net Worth, Grousbeck’s net worth is estimated at $400 million. That’s a lot of money, but it doesn’t match the wealth of some of the NBA’s new owners, like Ishbia and Ballmer, and it would have made paying harsh luxury tax penalties more difficult in the years to come.
By selling the Celtics, Grousbeck can position himself and his family well for future generations, increasing his net worth and retaining control for a few more years.
Mark Cuban pulled off a similar transaction when he sold 73 percent of the Mavericks for $3.5 billion in December. He was able to profit from the money that came out of the sale, but he retained final say in basketball operations.
One key difference is that Grousbeck plans to remain the Celtics’ governor through 2028, while Cuban gave up that title in the sale. Still, an impending sale could give Grousbeck a financial boost while also keeping him temporarily tied to the franchise.
