During the Boston Celtics’ trip to the White House, owner Wyc Grousbeck gave some insight into the sale of the franchise. Shortly after winning the NBA title, Grousbeck put the team up for sale in July. While many were surprised by this decision, others pointed to the Celtics’ high luxury tax bill and a strong return on investment as reasons for the sale. Let’s explore Wyc’s latest comments and what they mean for the sale.
Wyc Grousbeck Provides an Update on the Celtics Sale
Wyc Grousbeck: “I don’t have any comments on the sale process that’s underway. There’s a lot of interest. That’s one comment, I guess. The plan is that I will stay for three more years. That’s what’s made out and then we’ll go from there.”
— Jared Weiss (@JaredWeissNBA) November 21, 2024
Grousbeck’s comments tell us a few things, most notably, they reinforce his plan to stay as owner until 2028. This has been Grousbeck’s plan since the sale was announced. However, it’s unclear if this timeline is impacting the sale. From a buyer’s perspective, it’s difficult to make an investment that could total $6 billion when you have to wait three years to take over the team. Conversely, with the Celtics’ enormous payroll and the second apron penalties, waiting could benefit the new owner.
Jayson Tatum and Jaylen Brown are both on supermax contracts. Additionally, Jrue Holiday, Kristaps Porzingis, and Derrick White‘s average annual value is $29 million or more. This puts the Celtics’ total payroll above $200 million until the 2028-29 season, making them the most expensive roster in league history. Regardless, Grousbeck sticking around until 2028 benefits the Celtics, he consistently invested in the roster and has empowered management to make bold yet wise decisions. Grousbeck is widely considered one of the best owners in the NBA and all of professional sports.
After this quick update, Grousbeck discussed his excitement about the current roster and their title defense. Despite the ongoing sale, it’s clear Wyc remains focused on the season and helping the team repeat.
“Having said that, I think I’d just rather talk about this team that we have in front of us, with us right now, that has the capacity to contend again. I think we’re contenders this year, and we can be contenders in the future, and that’s what I’m most excited about.”
Potential Buyers
The other small update from Wyc’s original quote was that there’s a lot of interest in the team. This isn’t surprising, as the Celtics are one of the most successful and iconic franchises in all of sports. As a result, many expect a record sale that exceeds $6 billion. Unfortunately, not many of the potential buyers are known.
Current minority owner Steve Pagliuca is the only person with confirmed interest. Pagliuca would likely be a similar owner to Grousbeck, making the transition more natural. Recent reports suggest Pagliuca is aiming to team up with his fellow minority owners to buy the Celtics at a slightly discounted price. Pagliuca is the only name Wyc has acknowledged as a potential buyer, although it makes sense that he wouldn’t speak on outside candidates.
Outside of Pagliuca, it’s unclear who the other bidders are. Amazon’s Jeff Bezos had rumored interest in the Celtics. However, those rumors were quickly shut down. Similarly, the controversial Fenway Sports Group seemed to be an early frontrunner before reports denied their interest, with some believing they are eyeing a Las Vegas expansion team. Steve Wynn and Craig Billings of Wynn Resorts and Encore have also been linked to the Celtics. While these are the only names known for now, a dark horse candidate cannot be ruled out. Bezos or Fenway Sports Group re-emerging feels unlikely but is still worth monitoring.
When Will the Celtics be Sold
Since Grousbeck put the team up for sale in July, the timeline has been late 2024 or early 2025. Considering there is only a month left of 2024 and there aren’t many confirmed bidders, early 2025 feels the most likely for the sale. Perhaps there will be more clear updates as 2024 winds down. However, for now, we can only speculate. Regardless, expect an eventual bidding war with several suitors.
