BOSTON — The possession group that controls the NBA champion Boston Celtics says it intends to promote all its shares of the staff.
In a press release launched Monday, Boston Basketball Companions LLC stated it intends to promote the vast majority of its shares in 2024 or early 2025. The stability of its shares would then shut in 2028.
Wyc Grousbeck, whose household leads the possession group, is anticipated to stay the staff’s NBA governor till the sale is full.
“The controlling household of the possession group, after appreciable thought and inside dialogue, has determined to promote the staff for property and household planning issues,” the assertion stated.
The Celtics defeated the Dallas Mavericks within the NBA Finals final month to seize the franchise’s 18th championship.
Boston Basketball Companions — led by enterprise capitalist Grousbeck, his father and investor H. Irving Grousbeck, together with enterprise capitalist Steve Pagliuca — bought the Celtics for $360 million from the Gaston household in 2002. The Gastons had owned the staff since 1983.
One of many NBA’s authentic and storied manufacturers, the Celtics have been valued at $4.7 billion final 12 months by Forbes, putting them behind solely the Golden State Warriors ($7.7 billion), New York Knicks ($6.6 billion) and Los Angeles Lakers ($6.4 billion).
The present possession group was in cost when the Celtics gained the NBA title in 2008.
In an e mail to Celtics workers that was obtained by The Related Press, Wyc Grousbeck wrote they’re “dedicated to discovering a worthy incoming possession group who will information the Celtics to extra a long time of success.”
He added: “There can be a considerate and thorough course of to discover a purchaser that acknowledges the significance of Celtic Pleasure on the court docket and in the neighborhood.”
Final 12 months, the Phoenix Suns have been bought by mortgage agency proprietor Mat Ishbia for $4 billion. That was adopted by the sale of the Milwaukee Bucks to Cleveland Browns house owners Jimmy and Dee Haslam for $3.5 billion. Final November, Mark Cuban agreed to the sale of the vast majority of his Dallas Mavericks’ possession shares to Miriam Adelson and son-in-law Patrick Dumont, who operates the Las Vegas Sands on line casino firm, for $3.5 billion.
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This story has been corrected to point out that the New York Knicks are valued at $6.6 billion, not $6.6 million, and that the Dallas Mavericks not too long ago offered for $3.5 billion, not $3.5 million.
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