The ownership group of the NBA champion Boston Celtics is reportedly planning to put the team up for sale.
After purchasing the team in 2002, the team, led by CEO Wyc Grousbeck, is ready to hit the open market.
“Boston Basketball Partners LLC, the ownership group of the Boston Celtics, today announced its intention to sell all of its equity in the team,” the team said in a statement.
‘The controlling family of the ownership group, after much thought and internal discussion, decided to sell the team for estate and family planning reasons.’
The statement went on to say: ‘The board of directors of the ownership group expects to sell a majority stake in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as team governor until the second closing in 2028.’
The owners of the Boston Celtics have announced that they plan to sell the team.
The Celtics are two weeks away from winning the franchise’s 18th NBA title.
According to Forbes, the Celtics were the fourth most valuable NBA franchise in 2023, with a valuation of $4.7 billion. The current owners purchased the team for a value of $360 million at the time.
Boston Basketball Partners LLC purchased the team from Paul Gaston in 2002 and has seen the franchise reach the NBA Finals four times since that purchase.
That included two NBA titles in 2008 and just this year, when the Celtics defeated the Dallas Mavericks in five games.
The Celtics won their record 18th title over Dallas just two weeks ago after a dominant streak throughout the season.
After finishing with the best record in the league, the Celtics only lost three games in the entire playoff series.
They looked poised to sweep the Mavericks after winning their first three games in dominant fashion.
Dallas responded by defeating the Celtics in Game 4, winning by 38 points.
Boston responded with a strong home performance in Game 5 that ended with an 18-point victory and the team’s 18th title.
