Ownership group of NBA champion Boston Celtics putting team up for sale

July 2, 2024

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Ownership group of NBA champion Boston Celtics putting team up for sale

The ownership group that controls the NBA champion Boston Celtics says it intends to sell all its shares of the team.

In a statement released Monday, Boston Basketball Partners LLC said it intends to sell the majority of its shares in 2024 or early 2025. The balance of its shares would then close in 2028.

Wyc Grousbeck, whose family leads the ownership group, is expected to remain the team’s NBA governor until the sale is complete.

“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 said.

The Celtics defeated the Dallas Mavericks in the NBA Finals last month to capture the franchise’s 18th championship.

Boston Basketball Partners — led by venture capitalist Grousbeck, his father and investor H. Irving Grousbeck, along with venture capitalist Steve Pagliuca — purchased the Celtics for $360 million from the Gaston family in 2002. The Gastons had owned the team since 1983.

One of the NBA’s original and storied brands, the Celtics were valued at $4.7 billion US last year by Forbes, placing them behind only the Golden State Warriors ($7.7 billion), New York Knicks ($6.6 billion) and Los Angeles Lakers ($6.4 billion).

The current ownership group was in charge when the Celtics won the NBA title in 2008.

In an email to Celtics staff that was obtained by The Associated Press, Wyc Grousbeck wrote they are “committed to finding a worthy incoming ownership group who will guide the Celtics to more decades of success.”

See also Rep. Alexandria Ocasio-Cortez’s tough Bronx persona is under fresh scrutiny with a resurfaced childhood nickname from her suburban upstate New York upbringing casting doubt on that publicly portrayed image. The progressive champion’s latest spat with President Donald Trump over the Iran strikes again called into question her true upbringing when she declared on X she was a “Bronx girl" to make her a point against the president. The 35-year-old congresswoman wrote in part on X: "I’m a Bronx girl. You should know that we can eat Queens boys for breakfast. Respectfully," she said, referring to the president’s upbringing in Queens as she called for his impeachment over his decision to bypass Congress in authorizing U.S. strikes on Iranian nuclear facilities. Ocasio-Cortez was born in the Bronx but moved to Yorktown – which is nearly an hour outside New York City -- when she was 5 years old and went on to attend Yorktown High School where she graduated in 2007. She was considered an accomplished student there and well thought of by teacher Michael Blueglass, according to a 2018 report by local media outlet Halston Media News. “There, known by students and staff as ‘Sandy,’ she was a member of the Science Research Program taught by Michael Blueglass," the report states. “She was amazing," Blueglass said, per the report. “Aside from her winning one of the top spots and going to the [Intel International Science and Engineering Fair], she was just one of the most amazing presenters in all of the years I've been at Yorktown. Her ability to take complex information and explain it to all different levels of people was fantastic." After high school, Ocasio-Cortez attended Boston University, where she majored in economics and international relations, per the report. Ocasio-Cortez’s “Sandy" nickname — which carries a more suburban and preppy tone — appears to undercut her politically crafted image as a tough, inner-city fighter, one she has portrayed since her famous 2018 congressional campaign where she eventually ousted former 10-terms Congressman Joe Crowley. New York GOP Assemblyman Matt Slater, who now represents Yorktown, added to the scrutiny of Ocasio-Cortez’s persona in the wake of her brash with Trump and released images of Ocasio-Cortez from his high school yearbook. He claimed he and the rising Democratic star attended Yorktown High School at the same time when she was a freshman and he was a senior. "I saw the attacks on the president and her [Ocasio-Cortez] claims that she's a big, tough Bronx girl," said Slater. "To sit there and say that she’s a Bronx girl is just patently ridiculous." "Everybody in our community knows this is just a bold-face lie," said Slater on "Fox & Friends First" last week. "She grew up in Yorktown, she was on my track team." "She's lying about her background, she's lying about her upbringing," Slater claimed. Slater’s post sent social media ablaze and prompted Ocasio-Cortez to respond after an image if her family’s home was posted online. “I’m proud of how I grew up and talk about it all the time," Ocasio-Cortez wrote on X Friday responding to the post. “My mom cleaned houses and I helped. We cleaned tutors’ homes in exchange for SAT prep." “Growing up between the Bronx and Yorktown deeply shaped my views of inequality & it’s a big reason I believe the things I do today!"

He added: “There will be a thoughtful and thorough process to find a buyer that recognizes the importance of Celtic Pride on the court and in the community.”

Last year, the Phoenix Suns were purchased by mortgage firm owner Mat Ishbia for $4 billion. That was followed by the sale of the Milwaukee Bucks to Cleveland Browns owners Jimmy and Dee Haslam for $3.5 billion. Last November, Mark Cuban agreed to the sale of the majority of his Dallas Mavericks’ ownership shares to Miriam Adelson and son-in-law Patrick Dumont, who operates the Las Vegas Sands casino company, for $3.5 billion.