The Boston Celtics, one of the most dominant teams in the NBA, could make history with a potential sale that could hit $6 billion. That’s a major jump from the $360 million the Grousbeck family paid back in 2002. After announcing last year that they’d be selling the team, the family is moving forward with the sale for personal and family planning reasons. The plan is to sell 51% now, and the remaining 49% will be passed on by 2028.
The Grousbeck family is expecting about four to five potential buyers to show interest in the Celtics' sale, with Steve Pagliuca, one of the team’s co-owners, among the bidders. The Celtics are looking to shortlist two candidates by early 2025. Current team governor Wyc Grousbeck will stay on until the sale is complete, as long as the new owners have no problem with it.
The Celtics’ value has been pegged anywhere from $5.66 billion to $6 billion, according to reports. If they land at the higher end, that would break the record for the most expensive sports team sale ever in the U.S. However, there are financial challenges. The team faced an $80 million loss last season due to luxury tax penalties, and their TD Garden lease means they can't maximize revenue like other teams might.
Nevertheless, the Celtics have been incredibly successful under the Grousbecks, winning the most championships of any team with 18, making it to the Finals four times, and making nine Eastern Conference Finals trips since 2002. Last season, they turned heads with a 64-18 record and dominated the playoffs on their way to a championship. Jayson Tatum, Jaylen Brown, and Jrue Holiday, among others, all played their part in that success.
The Celtics are the second seed in the Eastern Conference with a 30-13 record this season. If they stick with their core next season, they’re looking at a $500 million-plus payroll and luxury tax, something the NBA’s never seen before.
