Boston Celtics’ majority owner puts team up for sale weeks after NBA championship

by | Jul 1, 2024 | Business

A “Believe in Boston” flag flies during the duck boat parade celebrating the Boston Celtics’ 18th NBA championship.Stan Grossfeld | Boston Globe | Getty ImagesThe 2024 National Basketball Association champions are up for sale.The Boston Celtics’ ownership group announced Monday that it plans to sell the team, according to a statement posted to the Celtics’ account on social media site X.The controlling family of the ownership group, Boston Basketball Partners LLC, said it intends to sell all of its shares in the team “for estate and family planning consideration.”The sale of a majority stake is expected to be completed by the end of 2024 or early 2025, with the remainder of the sale closing in 2028, according to the statement.As sports franchise valuations soar, the Celtics could fetch a particularly high price. The team is among the most successful and most widely followed in U.S. professional sports, and won its NBA record 18th championship last month.This, plus the soaring cost of sports media rights, will likely lead to a valuation close to — if not more than — the record $4 billion price tag the NBA’s Phoenix Suns received in 2023, sports consultants said Monday.Read more CNBC media newsParamount is hunting for a streaming partner, could kick off a wave of dealsWhy so many Olympic hopefuls are running in all-black, unbranded gearESPN’s model is eroding. Past and present execs are split on how it can protect its dominanceWyc Grousbeck led a team of buyers to acquire the Celtics for $360 million in 2002. Grousbeck, a native of Massachusetts and lifelong Celtics fan, expects to remain governor of the team until the second closing in 2028.Grousbeck is also part of the ownership group behind the tequila brand Cincoro, which includes o …

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[mwai_chat context=”Let’s have a discussion about this article:nnA “Believe in Boston” flag flies during the duck boat parade celebrating the Boston Celtics’ 18th NBA championship.Stan Grossfeld | Boston Globe | Getty ImagesThe 2024 National Basketball Association champions are up for sale.The Boston Celtics’ ownership group announced Monday that it plans to sell the team, according to a statement posted to the Celtics’ account on social media site X.The controlling family of the ownership group, Boston Basketball Partners LLC, said it intends to sell all of its shares in the team “for estate and family planning consideration.”The sale of a majority stake is expected to be completed by the end of 2024 or early 2025, with the remainder of the sale closing in 2028, according to the statement.As sports franchise valuations soar, the Celtics could fetch a particularly high price. The team is among the most successful and most widely followed in U.S. professional sports, and won its NBA record 18th championship last month.This, plus the soaring cost of sports media rights, will likely lead to a valuation close to — if not more than — the record $4 billion price tag the NBA’s Phoenix Suns received in 2023, sports consultants said Monday.Read more CNBC media newsParamount is hunting for a streaming partner, could kick off a wave of dealsWhy so many Olympic hopefuls are running in all-black, unbranded gearESPN’s model is eroding. Past and present execs are split on how it can protect its dominanceWyc Grousbeck led a team of buyers to acquire the Celtics for $360 million in 2002. Grousbeck, a native of Massachusetts and lifelong Celtics fan, expects to remain governor of the team until the second closing in 2028.Grousbeck is also part of the ownership group behind the tequila brand Cincoro, which includes o …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
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