“I can’t converse to the motivation behind it, however what I can say is it’s a really beneficial franchise, one of the beneficial franchises within the NBA,” stated George Pyne, founder and CEO of Bruin Capital, an funding firm centered on sports activities and media offers. “They simply gained the world championship, and the NBA is about to embark on a collection of recent media partnerships which are going to create monetary stability shifting ahead. It’s an important asset and an important league. … In case you ever had a must do one thing like this, the timing couldn’t be higher.”
Former Bain Capital co-chairman Steve Pagliuca and Abbey Group co-founder Robert Epstein are additionally outstanding members of the group. Pagliuca launched a press release Monday night by which he thanked Grousbeck and the remainder of the possession group for his or her prolonged partnership and talked in regards to the franchise’s impression locally, earlier than formally making it clear that he want to be a candidate to take over majority possession.
“Being a co-investor and managing accomplice of the Celtics has been an important honor and a labor of affection,” Pagliuca stated. “I hope to be a part of the Celtics shifting ahead and will likely be a proud participant within the bidding course of that has been introduced immediately.”
A league supply stated there have been indications that Pagliuca’s present relationship with the Grousbeck household would assist, however added that it’s far too early within the course of to know the way it will unfold.
Regardless, the bidding battle will possible be fierce. The present group bought the staff for $360 million in 2002, and in 2023 Forbes valued the franchise at about $4.7 billion.
In 2022, Mat Ishbia bought a majority stake within the Phoenix Suns for $4 billion.
“If you consider what the Suns traded at, $4.7 billion will not be a loopy quantity,” Pyne stated. “Relying on the aggressive pressure and dynamics, the quantity may go increased. I simply assume it’s an important franchise. They don’t come up that always. … I feel there’s going to be lots of people .”
Grousbeck didn’t reply to calls or textual content messages in search of remark. A Celtics spokesperson stated the staff would haven’t any additional touch upon the potential sale.
John Henry, the founder and principal proprietor of Fenway Sports activities Group, declined to touch upon whether or not he would have curiosity in pursuing a purchase order of the Celtics. Henry additionally owns the Globe.
Pagliuca, 69, owns the biggest stake within the Celtics exterior of the Grousbeck household and is the second-most outstanding and front-facing member of possession. He helped Grousbeck recruit members for his or her preliminary funding group 22 years in the past, and the 2 have made it clear they’ve a robust relationship.
Pagliuca can be the bulk proprietor of the Italian soccer membership Atalanta, which not too long ago gained the Europa League and certified for the distinguished Champions League. He has stated he’s desirous about buying one other skilled soccer membership, too.
NBA groups don’t go up on the market typically, however after they do, the worth tags are usually astronomical. Along with Ishbia’s $4 billion buy of the Suns, final 12 months, Marc Lasry offered his stake within the Milwaukee Bucks for $3.5 billion and Michael Jordan offered his share of the Charlotte Hornets for about $3 billion.
In an August 2023 interview with the Globe following these transactions, Grousbeck was requested about his long-term future as majority proprietor of the Celtics.
“No considered promoting the staff,” he stated then. “I did this for love and for Celtic delight, not for any worth tags. Interval.”
In a June 4 interview with the Globe, Grousbeck sat within the Celtics’ locker room and was once more requested about the opportunity of promoting the staff.
“I had somebody name me the opposite day with a proposal,” he stated. “It occurs on a regular basis.”
He stated he receives a number of gives per 12 months, however that his response by no means modified.
“Not on the market,” he stated.
However it’s unlikely that the worth of the franchise has ever been increased. Along with being one of the prestigious organizations in skilled sports activities, the Celtics simply gained the NBA championship and have already been put in as heavy favorites to repeat subsequent 12 months.
On Monday, about an hour earlier than the information of this potential sale broke, the Celtics agreed to a four-year, $126 million contract extension with Derrick White. The staff’s prime 9 rotation gamers are below contract by means of subsequent season, and now that Jayson Tatum agreed to his five-year, $315 million super-max extension — a deal that was a formality — all 5 Celtics starters are below contract by means of at the very least 2025-26.
Moreover, the NBA is reportedly near finalizing a document new media rights deal price roughly $76 billion.
“With all of these tailwinds behind it,” Pyne stated, “you’d should say [the Celtics are] going to be within the higher finish of the comps.”
Possession can be taking a look at a traditionally large invoice, nonetheless, with Tatum and Jaylen Brown set to make greater than $50 million apiece in 2025-26, and the Celtics prone to owe greater than $200 million in luxurious tax. The Celtics’ payroll and tax funds that season are projected to be the very best in NBA historical past.
The Celtics weren’t on the market in the summertime of 2002, however Grousbeck persuaded then-owner Paul Gaston to give you a quantity. When Gaston threw out $360 million — greater than anybody had ever paid for an NBA franchise at the moment — Grousbeck replied, “OK, you’ve got a deal.”
Grousbeck, alongside together with his father Irving, and Pagliuca then spent a number of months elevating the cash amongst two dozen buyers.
The brand new group discovered prosperity shortly, with the Celtics profitable the 2008 NBA title. The rebuild started 5 years later, when Kevin Garnett and Paul Pierce had been traded to the Nets in a large deal that introduced again a slew of draft picks. Two of these picks had been finally used to pick out Tatum and Brown, who helped the franchise regain its place among the many league’s elite.
Final month, the Celtics defeated the Mavericks in Sport 5 of the NBA Finals to win the franchise’s document 18th championship. Afterward, Grousbeck stood on a stage that had been rolled onto TD Backyard’s parquet ground, with Pagliuca by his aspect, and hoisted the Larry O’Brien trophy above his head as the gang roared.
Shirley Leung and Michael Silverman of the Globe workers contributed to this report.
Adam Himmelsbach might be reached at adam.himmelsbach@globe.com. Observe him @adamhimmelsbach.