Just weeks after winning the 2024 NBA Championship, the Boston Celtics franchise is officially up for sale.
In a statement cross-posted on the Celtics’ official X and Instagram accounts, the team’s ownership group, Boston Basketball Partners LLC, revealed that it would be selling all of its shares.
Related: Mark Cuban Announces Massive Payout to Mavericks’ Employees — Here’s How Much
“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,” the statement read.
A statement from the Boston Celtics pic.twitter.com/DqArzkGnR5
— Boston Celtics (@celtics) July 1, 2024
The group said that the company’s managing board plans to have a majority of the company sold by the end of this year or early next, with the full balance expected to close in 2028.
Wyc Grousbeck will continue to serve as Governor of the Celtics until the deal is financially completed in 2028, after becoming the majority shareholder of the team in 2002 for $360 million.
The Celtics organization did not elaborate further on the proposed sale or prospective buyers.
Boston’s beloved team, which has won 18 championships, the most in NBA history, isn’t the only team in the league that’s seen major changes in leadership in recent months.
Related: Mark Cuban Selling Dallas Mavericks to Miriam Adelson
Last year, billionaire Mark Cuban sold his majority share in the Dallas Mavericks to Miriam Adelson, the widow of billionaire and casino kingpin Sheldon Adelson and the owner of the Las Vegas Sands Corporation.
The deal was worth an estimated $4 billion.
The Celtics are currently the fourth most valuable NBA team in the league, with an estimated valuation of $4.7 billion, per Forbes.
Read the full article here
