Fresh off winning the NBA championship, an ownership change wasn’t expected to be part of the Celtics offseason. However, in a surprising announcement, Adrian Wojnarowski reported that long-time owner Wyc Grousbeck and his group are planning to make the Celtics available for purchase. Let’s dive into the details of this shocking move.
BREAKING: The Boston Celtics majority ownership group — led by Wyc Grousbeck — is planning to make the franchise available for sale, sources tell ESPN. The investment group purchased the team in 2002. Massive development for one of sports’ most valuable properties. pic.twitter.com/ICixdcJtLF
— Adrian Wojnarowski (@wojespn) July 1, 2024
Celtics Owner Plans To Sell Team
Wyc Grousbeck purchased the Celtics for $360 million dollars in 2002. He is widely considered one of the best owners in the association. Wyc is credited for constantly investing in the Celtics and empowering his front office to make difficult yet important decisions. Since 2002 the Celtics have won two NBA Championships one this past season and the other in 2008. Ultimately, Wyc’s ownership has been an integral part of Boston’s success over the past 20-plus seasons.
The Second Apron
Notably, the Celtics are locked into the second apron tax penalty which restricts the team in a variety of ways. Earlier today, the Celtics extended Derrick White to a four-year $125 million-dollar deal. Later in the offseason, the Celtics will have to give Jayson Tatum the supermax extension to fully lock up their core for the foreseeable future. The Celtics starting five will cost a total of $941 million. Additionally, the Celtics are projected to be the most expensive roster in NBA history there is projected to be $75 million dollars more than any other in league history. While expensive this is the price you have to pay for a championship core that is capable of winning multiple titles.
Many are speculating, that the second apron penalty is partly why Wyc put the Celtics up for sale. However, the enormous profit Wyc will make from the sale is likely the biggest factor. Nevertheless, finding an owner who is willing to continue investing in this championship-winning roster will be a priority for the Celtics in this sale.
The Biggest Sale Ever?
Given the Celtics’ importance within the NBA and their recent success, many are expecting a historic sale. Forbes estimates the Celtics value at $4.7 billion dollars. However, many are anticipating the deal to exceed $5 billion dollars. Recent ownership sales in the NBA include the Mavericks being sold for $3.5 billion, the Hornets being sold for $3.0 billion, and the Suns being sold for a record-breaking $4.0 billion. Notably, the record for an ownership sale across all big four sports is the Washington Commanders sale for $6.1 billion.
With the Celtics being one of the most iconic franchises and having a championship-winning roster this sale will surely break the Suns’ $4 billion dollar record. The Celtics’ sale could even challenge the Commanders’ sale for the largest ownership sale across all sports. Ultimately expect the Celtics to sell for at least 5 billion dollars. Giving Wyc Grousbeck an incredible profit from his initial $360 million dollar investment.
