The surprising announcement that the Celtics are up for sale came two weeks after the team secured Banner 18.
Boston Basketball Partners L.L.C., the team’s ownership group, plans to sell all its shares in the Celtics.
In a press release, the ownership group announced, “The managing board plans to sell a majority stake in 2024 or early 2025, with the remaining shares to be sold by 2028. They also expect Wyc Grousbeck to continue as the team’s Governor until the final sale in 2028.”
Steve Pagliuca recently commented, “Being a co-investor and Managing Partner of the Celtics has been an honor and a labor of love. I hope to remain involved with the Celtics and will proudly participate in the bidding process.”
Fenway Sports Group, which owns the Boston Red Sox, Liverpool FC, and the Pittsburgh Penguins, is rumored to be interested in acquiring an NBA team. As the Celtics are projected to field one of the most expensive rosters in NBA history by the 2025-26 season, potentially costing around $450 million in payroll and tax penalties, Fenway Sports Group released the following statement, as reported by Jen McCaffrey of The Athletic:
“We greatly admire and respect the Celtics organization, its players, and its amazing fans, but we have no comment on the upcoming bidding process.”
Fenway Sports Group is ranked third on Forbes’ list of the world’s most valuable sports empires in 2024, with a valuation of $12.95 billion.
According to Forbes, the Celtics are valued at approximately $4.7 billion.
