“The controlling household of the possession group, after appreciable thought and inside dialogue, has determined to promote the crew for property and household planning issues,” the Celtics mentioned in an announcement.
Grousbeck’s tenure has produced two championships — in 2008 and 2024 — and 16 postseason appearances previously 17 seasons. The 63-year-old proprietor joined the locker room celebrations when the Celtics completed off the Dallas Mavericks with a Sport 5 win within the NBA Finals two weeks in the past, and he held the Larry O’Brien Trophy through the crew’s championship parade by way of the streets of Boston.
Throughout its most up-to-date franchise valuations, Forbes concluded the Celtics had been price $4.7 billion — the fourth-most-valuable NBA franchise behind the Golden State Warriors, New York Knicks and Los Angeles Lakers. Nonetheless, Boston had a payroll of $183.7 million final season — the fourth highest within the league — and Grousbeck instructed the Boston Globe in June that the franchise was “shedding cash” throughout its championship season.
“We’re followers who purchased the crew,” Grousbeck instructed the paper. “We’re doing this for love. We’re doing this for Celtic satisfaction, and we’re going to place all the things we will into the crew to win a banner, to win a championship.”
The Celtics, given their wealthy historical past, giant market and status, nearly actually will fetch a document sale value that tops the $4 billion paid by mortgage trade government Mat Ishbia for the Phoenix Suns in 2023.
Given the NBA’s new wage cap guidelines, which add stiffer monetary penalties and new restrictions for the league’s highest-spending groups, conserving Boston’s championship crew collectively will grow to be more and more costly. The Celtics are on monitor to return their whole beginning lineup and all of their key reserves for his or her title protection within the 2024-25 season, however after that they’re prone to face laborious roster selections or be compelled to pay what could possibly be unprecedented luxurious tax payments.
Grousbeck just isn’t the one NBA proprietor to pursue a sale throughout good instances lately. Milwaukee Bucks co-owner Marc Lasry offered his stake in February 2023, shortly after the franchise gained the 2021 championship, its first title in 50 years. Dallas Mavericks proprietor Mark Cuban offered his majority stake in November, simply months earlier than the Mavericks reached the Finals for the primary time in 13 years.
Beneath Commissioner Adam Silver, the typical NBA franchise worth has elevated from $634 million in 2014 to $3.85 billion final 12 months, in accordance with Forbes.
