Boston Celtics majority owner Wyc Grousbeck has announced his intention to sell his stake in the 2024 NBA champions, according to a team statement on Monday. The ownership group, Boston Basketball Partners L.L.C., revealed that they plan to sell all shares of the team due to estate and family planning considerations. The sale is expected to take place in phases, with a majority interest being sold in 2024 or early 2025, and the balance in 2028. Grousbeck is anticipated to remain as the team’s Governor until the final closing in 2028.
The Celtics are valued at $4.7 billion by Forbes in 2023 and were purchased by an investment group led by Grousbeck in 2002 for $360 million. Under current ownership, the team has won two championships and made it to the NBA Finals four times. In their latest victory last month, the Celtics secured their 18th NBA title by defeating the Dallas Mavericks in five games. The team had a strong regular season record of 64-18, earning them the top seed in the playoffs before going on to beat the Miami Heat, Cleveland Cavaliers, and Indiana Pacers.
After celebrating their championship with a parade, Grousbeck expressed that there is still more work to be done. He mentioned designing championship rings and raising a banner in October but emphasized enjoying the current success. The Celtics owner highlighted that the team is built for the long run and expressed enthusiasm for the future. With their 18th NBA title, the Celtics surpassed the Los Angeles Lakers for the most championships in league history.
In recent years, Grousbeck has been considering selling his stake in the team due to estate and family planning considerations. However, he has now announced that he plans to sell all shares of Boston Basketball Partners L.L.C., which owns a majority stake in both teams.
The sale of Boston Basketball Partners L