The NBA champions are up for sale.
The Boston Celtics’ ownership group announced Monday its plan to sell the team, according to a statement posted to the Celtics’ X social media account. Boston Basketball Partners LLC, the controlling family of the ownership group, intends to sell all 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 closing in 2028.
With sports franchise valuations soaring, the Celtics could command a high price. The team, one of the most successful in U.S. professional sports, won its NBA record 18th championship last month.
A statement from the Boston Celtics pic.twitter.com/DqArzkGnR5
— Boston Celtics (@celtics) July 1, 2024
Wyc Grousbeck, who led a team of buyers to acquire the Celtics for $360 million in 2002, 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, alongside other NBA team owners and Hall of Famer Michael Jordan.
Representatives for Grousbeck and the team did not immediately respond to requests for comment.
Sports valuations, media rights climb
The Celtics became the latest NBA champions after defeating the Dallas Mavericks in five games in June, marking their second championship under Grousbeck’s ownership.
U.S. professional sports teams, particularly in the NFL and NBA, have been fetching high valuations when owners sell stakes. In 2023, the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury were sold to Matt Ishbia for a record $4 billion.
Media rights for the leagues have never been more lucrative, as live sports draw the biggest TV audiences. Negotiations for the NBA’s media rights are ongoing, with an announcement expected soon. Comcast’s NBCUniversal is expected to pay $2.5 billion per year, with Disney’s ESPN and Amazon Prime Video also bidding, CNBC has previously reported.