In a surprising move following their recent NBA championship victory, the ownership group of the Boston Celtics has announced its intention to sell the team. Boston Basketball Partners LLC, led by the Grousbeck family, plans to divest its majority shares in 2024 or early 2025, with the remaining shares to be sold by 2028.
Wyc Grousbeck, the current face of ownership, is expected to continue as the team’s NBA governor until the sale is finalized.
The decision, according to the ownership group, stems from “estate and family planning considerations.”
The Celtics, one of the NBA’s most storied franchises, were purchased by Boston Basketball Partners for $360 million in 2002. Under their stewardship, the team clinched NBA titles in 2008 and most recently in 2024, defeating the Dallas Mavericks for their 18th championship.
Forbes valued the Celtics at $4.7 billion in 2023, ranking them fourth among NBA franchises behind the Golden State Warriors, New York Knicks, and Los Angeles Lakers.
This valuation suggests a significant return on investment for the current owners.
In an email to staff, Wyc Grousbeck emphasized the commitment to finding “a worthy incoming ownership group” that will uphold the team’s legacy of success both on and off the court.
He stressed the importance of maintaining “Celtic Pride” in both athletic performance and community involvement.
This announcement follows recent high-profile NBA team sales, including the Phoenix Suns for $4 billion, the Milwaukee Bucks for $3.5 billion, and Mark Cuban’s sale of his majority stake in the Dallas Mavericks for $3.5 billion.
The Celtics’ sale is expected to generate significant interest given the team’s prestigious history and recent success.