The shocking news that the Celtics are up for sale arrived two weeks after the franchise captured Banner 18.
Boston Basketball Partners L.L.C., the team’s ownership group, intends to sell all of its shares of the Celtics.
In a press release, they stated, “The managing board of the ownership group expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as the Governor of the team until the second closing in 2028.”
Steve Pagliuca recently said of those plans, “Being a co-investor and Managing Partner of the Celtics has been a great honor and a labor of love. I hope to be part of the Celtics moving forward and will be a proud participant in the bidding process.”
Another potential suitor is Fenway Sports Group, whose portfolio includes the Boston Red Sox, Liverpool FC, and the Pittsburgh Penguins. It’s no secret that this entity would like to purchase an NBA franchise.
With speculation swirling about their interest in purchasing a majority stake in the Celtics, who are staring down the prospect of fielding the most expensive roster in NBA history come the 2025-26 season, a team that could cost in the neighborhood of $450 million in payroll and tax payments when factoring in repeater tax penalties, Fenway Sports Group released the following statement, per Jen McCaffrey of The Athletic.
“We greatly admire and respect the Celtics organization, its players, and its amazing fans, but have no comment on the forthcoming bidding process.”
Fenway Sports Group is third on Forbes’ list of the world’s most valuable sports empires in 2024, with a $12.95 billion valuation.
The Celtics are worth an estimated $4.7 billion, per Forbes.
Further Reading
Celtics’ Coaching Staff Changes Match Theme of Boston’s Offseason
Celtics Roster, Salary Cap Breakdown After Whirlwind Start to Free Agency
Celtics, Jayson Tatum Agree to Most Lucrative Deal in NBA History
Celtics’ Ownership Group Announces Plan to Sell the Franchise
Derrick White, Essential to Celtics’ Dynasty Hopes, Signs 4-Year Extension
Celtics Work Quickly to Re-Sign Luke Kornet
Brad Stevens Shares His Outlook on Celtics’ Draft Picks
Baylor Scheierman Shares Celtics’ Feedback Before Drafting Him
Al Horford, Raising Cane’s, and a Region that Loves Him
On Derrick White and the Fuel for Unprecedented Journey to NBA’s Best Role Player
