In a move that has sent ripples throughout the NBA, the Boston Basketball Partners L.L.C., the ownership group behind the Boston Celtics, has officially announced its intention to sell all shares of the storied franchise. This decision, driven by estate and family planning considerations, marks the end of an era and ushers in a new chapter for one of the league’s most iconic teams.
"Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, announced today its intention to sell all the shares of the team. 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," read the official statement.
When the Boston Basketball Partners L.L.C. acquired the Celtics in 2002 for $360 million, they likely could not have envisioned the remarkable journey that would follow. Over two decades later, Forbes’ October 2023 valuation placed the Celtics' worth at a staggering $4.8 billion, demonstrating the significant growth and success achieved under their stewardship.
Sale Timeline and Leadership Continuity
The managing board has outlined a clear timeline for the sale process. They aim to sell a majority interest in the team by 2024 or early 2025, with the remaining shares anticipated to be sold by 2028. In the meantime, current Governor Wyc Grousbeck is expected to continue in his role until the final closing.
"The managing board of the ownership group expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as the Governor of the team until the second closing in 2028," the statement added.
Financial Commitments of the Franchise
Under the current ownership, the Celtics have not shied away from making substantial financial commitments to retain and attract top talent. This includes recent significant contract extensions for key players. Jayson Tatum secured a five-year, $314 million extension in the summer, while Jaylen Brown inked a five-year, $303 million deal the previous summer. Additionally, Derrick White earned a four-year, $125 million extension, and both Jrue Holiday and Kristaps Porzingis command salaries exceeding $30 million annually each.
With such high-profile contracts, the Celtics' payroll is projected to surpass $200 million by the 2025-26 season. This also comes with an expected luxury tax bill of $250 million, leading to a total financial commitment exceeding $450 million for that season. These figures underscore the serious investment the franchise is making in pursuit of sustained success.
Chase Center: Joe Lacob's Legacy
While the Celtics prepare for a transition, another notable figure in the NBA, Joe Lacob, has firmly ruled out any shift in his own affiliations. Lacob, who purchased the Golden State Warriors in 2010 for $450 million, has overseen four NBA championships and transformed the Warriors into one of the most valuable franchises in the league. Under his leadership, the team has not only seen its value soar but also constructed the state-of-the-art Chase Center.
Speculations about Lacob potentially buying the Celtics have been unequivocally squashed by the man himself. “No chance, sorry. That ship sailed a long time ago — a long, long time ago. I’m a Warrior, this is my identity, it’s our identity. I love what we've done. I love our fans, our arena (and) the last decade, and I just wanna do more. I just wanna create an even longer and even greater legacy for this organization,” Lacob expressed emphatically.
Future Prospects
The impending sale of the Celtics raises numerous questions about the future direction of the franchise. With a solid roster brimming with talent and a rich legacy to build on, the next ownership group will have both a significant opportunity and a substantial responsibility. The commitment to excellence, both on and off the court, will remain paramount as the team looks to continue its winning ways and uphold its storied tradition.
The NBA landscape is seemingly ever-changing, with ownership shifts and financial strategies continually evolving. As the Boston Celtics transition towards new ownership, fans and analysts alike will be watching closely, anticipating how the next era will unfold for this historic franchise.