Celtics available for purchase after championship

League: NBA

Posted on: 02 Jul, 2024 at 02:14 AM

Credit: Peter Casey-USA TODAY Sports

Investors with deep pockets willing to purchase a champion can line up for bidding on the Boston Celtics.

The franchise announced Monday that it is available for purchase on the heels of a record 18th NBA title secured last month, getting past the Dallas Mavericks in a five-game NBA Finals.

No purchase price was reported. Earlier this year, Forbes estimated the franchise's value at $4.7 billion.

The ownership group, Boston Basketball Partners LLC, stated on social media, "The controlling family of the ownership group, after considerable thought and internal discussion, has decided to sell the team for estate and family planning considerations."

The potential sale comes at a time when the Celtics could approach a record payroll -- and payroll tax to the NBA. The team and All-Star Jayson Tatum reportedly are finalizing a five-year supermax extension worth $314 million, which would be the largest deal in NBA history.

Boston Basketball Partners was formed in 2002 and it completed the purchase of the Celtics on New Year's Eve of that year from previous owner Paul Gaston for $360 million. Reports at the time indicated the actual sale price was $310 million since $50 million of debt was not assumed by the new ownership group.

Boston Basketball Partners is led by Wyc Grousbeck, who is one of four members of the managing board, along with H. Irving Grousbeck, Stephen Pagliuca and The Abbey Group.

The ownership group presided over two titles, including one in 2007.

--Field Level Media