The ownership group of the Boston Celtics announced Monday its intentions to sell all shares of the team.
"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," Boston Basketball Partners L.L.C. said in a statement.
The majority interest is expected to be sold later in 2024 or early 2025. Majority owner Wyc Grousbeck is expected to remain the team's governor until 2028 when the second balance of the sale is to be completed.
The investment group bought the franchise for $360 million in 2002.
Boston has the fourth-highest valuation among NBA franchises at $4.7 billion, according to Forbes. The Celtics rank behind the Golden State Warriors, New York Knicks, and Los Angeles Lakers.
Even with ownership in flux, the franchise reportedly extended Jayson Tatum to a five-year, $314-million contract extension, the largest deal in NBA history. The Celtics also reportedly inked playoff standout Derrick White to a four-year, $125.9-million deal. Boston will now pay over $200 million in salary for the 2025-26 season, potentially giving the team one of the most expensive rosters in NBA history.
This past December, the Dallas Mavericks were sold to the Adelson and Dumont families for $3.5 billion. Earlier in 2023, Mat Ishbia bought the Phoenix Suns for $4 billion and Jimmy and Dee Haslem paid $3.5 billion for the Milwaukee Bucks.
The franchise has largely been successful under its current ownership, reaching the playoffs in 19 out of 22 years and winning championships in 2008 and this past June.
