Boston Celtics Owners Plan to Sell NBA’s 4th-Most Valuable Team

The ownership group of the Boston Celtics, valued at $4.7 billion last year, is planning to sell the team just weeks after securing its first NBA Championship since 2008. This decision follows the billionaire principal owner’s admission that the team is losing money. Boston Basketball Partners L.L.C., the ownership group, announced on Monday that it will sell all shares due to “estate and family planning considerations” of the controlling members, primarily the Grousbeck family. ESPN’s Adrian Wojnarowski first reported this news.

The sale is expected to occur late this year or early next year, with Wyc Grousbeck, the face of Boston Basketball Partners, remaining as the team governor until 2028. The team has not disclosed if there are any potential buyers lined up. Irving Grousbeck, a cable television billionaire, his son Wyc, and other investors purchased the Celtics for $360 million in 2002.

The potential buyer of the Boston Celtics remains unknown as the team has not revealed any lined-up buyers. Other notable billionaire team owners in Boston include John Henry, whose Fenway Sports Group owns the Boston Red Sox and other sports franchises, and Robert Kraft, owner of the New England Patriots and New England Revolution MLS club.

The Grousbeck family is worth an estimated $1.8 billion. Irving Grousbeck co-founded Continental Cablevision in 1963, merging it with US West in 1996. He is ranked as the 1,764th richest person globally. The Celtics were purchased by the Grousbecks, Stephen Pagliuca, and The Abbey Group (comprising Robert Epstein, Paul Edgerley, Glenn Hutchins, and James Pallotta) from Paul Gaston 22 years ago. Since then, the team has made 19 playoff appearances and won championships in 2008 and 2024. The decision to sell was unexpected, especially since Wyc Grousbeck participated in the Celtics’ championship parade two weeks ago without indicating any intention to sell. This move aligns with recent surprise sales by other NBA owners, such as Mark Cuban of the Dallas Mavericks.

The Celtics have recently signed several high-value player contracts, making them one of the most expensive teams in sports. Jaylen Brown signed a 5-year, $303.7 million supermax contract extension last year, effective this summer. Point guard Derrick White agreed to a four-year, $125.9 million contract extension, and Luke Kornet is set to return on a one-year contract. Reports also suggest that Jayson Tatum has agreed to a $315 million supermax contract extension, the largest in NBA history. These contracts, coupled with the NBA’s “luxury tax,” have significantly increased the team’s expenses. Last month, Grousbeck told The Boston Globe that the team is “losing money” but remained unconcerned, stating that their focus is on winning championships and the joy and parades that come with it.