Boston Celtics Majority Owner Wyc Grousbeck to Sell Stake in the NBA Champions: What it Means for the Team and Fans

Boston Celtics majority owner Wyc Grousbeck announced on Monday that he is considering selling his stake in the 2024 NBA champions, as reported by the team. The ownership group of the Boston Celtics, Boston Basketball Partners L.L.C., has decided to sell all shares of the team due to estate and family planning considerations. The sale is expected to take place in 2024 or early 2025 for a majority interest, with the balance closing in 2028. Despite the sale, Grousbeck is expected to remain as the Governor of the team until the second closing in 2028.

The value of the Boston Celtics was reported to be $4.7 billion by Forbes in 2023, making them one of the most valuable sports franchises in the world. The team was acquired by an investment group led by Grousbeck in 2002 for $360 million and has since won two championships and made it to the NBA Finals four times. In their most recent victory last month, they secured their 18th NBA title by defeating the Dallas Mavericks in five games, after having a successful regular season with a record of 64-18 and securing first place in the playoffs.

Grousbeck expressed his desire to continue building upon this success and stated that there is still work to be done before celebrating another championship title, such as designing a championship ring and raising a banner at TD Garden next October. The franchise’s 18th NBA title put them ahead of Los Angeles Lakers for most championships history, cementing their legacy as one of basketball’s greatest teams. Grousbeck thanked fans for supporting him throughout this journey and emphasized that they are all working towards pursuing another championship together