Celtics Ownership to Sell Stake Amid Financial Pressure
Celtics Ownership to Sell Stake Amid Financial Pressure

Celtics Ownership to Sell Stake Amid Financial Pressure

News summary

The Boston Celtics ownership group, led by Wyc Grousbeck, has announced plans to sell the team just weeks after winning a record 18th NBA championship. The decision, attributed to estate and family planning considerations, will see a majority interest sold by early 2025 and the remaining shares by 2028. This move comes amid rising valuations of NBA franchises, with the Celtics valued at $5.1 billion by Sportico. Financial pressures, including high player salaries and luxury tax implications, likely influenced the decision. Grousbeck, who bought the team for $360 million in 2002, will remain as the team's governor until the sale concludes.

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Center 33%
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Last Updated
96 days ago
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