The majority ownership group of the Boston Celtics has put the franchise up for sale. The group purchased the team in 2002 in for $360 million and they’re now likely worth over $5 billion. Wyc Grousbeck serves as governor of the Celtics.
The group expects to sell a majority interest in 2024 or early 2025 with the balance closing in 2028. Grousbeck expects to remain as Governor of the Celtics until the second closing in 2028. The Minnesota Timberwolves were sold by Glen Taylor to a group led by Marc Lore and Alex Rodriguez in a similar situation, which is now pending arbitration due to a conflict over whether payment deadlines were met.
The NBA is currently finalizing its next round of media rights deals at $7 billion per season as they enter a period of a robust increase of revenue. The growth rate of NBA revenues could slow down, making this a potential peak time to sell.
With a team set to compete for championships over the next few seasons, the Celtics will continue having an exorbitant salary and luxury tax bill.