Wyc Grousbeck Announces He’s Selling the Celtics

NBA champion Boston Celtics are on the market.

Wyc Grousbeck, majority owner and governor of the Celtics, announced Monday that he was putting the team up for sale just weeks after the franchise won its 18th NBA title.

“Boston Basketball Partners LLC, the ownership group of the Boston Celtics, today announced its intention to sell all of the team’s stock,” a team statement said. “The family controlling the ownership group, after careful consideration and internal discussions, has decided to sell the team for inheritance and family planning considerations.”

The team “expects to sell a majority stake in 2024 or early 2025, with the balance to close in 2028.” Grousbeck intends to remain in his role as Celtics governor “until the second closing in 2028.”

Grousbeck, 63, a Worcester native and longtime Celtics fan, led an investment group that bought the Celtics for $360 million in 2002. He oversaw the team’s last two championship runs — the first in 2008 led by Paul Pierce, Kevin Garnett and Ray Allen, as well as this year’s team led by Jayson Tatum and Jaylen Brown.

Speaking to reporters after the Celtics’ final championship parade two weeks ago, Grousbeck gave no indication he intended to sell the team.

“I feel like we still have a lot to do,” he said. “I mean, I have to go design a ring with the guys, and we have to raise the banner in October. There’s still a lot to do. But we’re going to build the team for next year. But we’re going to enjoy it for now.”

He later added: “We are fans who bought this team. We are all in the same boat. Let’s go get another one.

In May 2024, Sportico estimated the Celtics’ value at $5.12 billion, the fourth-highest in the NBA behind the Golden State Warriors, New York Knicks and Los Angeles Lakers. Their latest championship title will likely inflate that figure further.

According to Forbes’ most recent estimate, the Celtics’ valuation stands at $4.7 billion.

The Phoenix Suns were the latest NBA franchise to be sold, with billionaire businessman Mat Ishbia buying them for a record $4 billion in 2023. The Celtics’ sale is expected to easily exceed that price.

No major Boston sports franchise changed ownership in 2002, when Grousbeck and his partners bought the Celtics and John Henry, Tom Werner and Larry Lucchino bought the Red Sox.

Boston has nearly its entire 2023-24 roster under contract for the upcoming season, including all five starters and its top four reserves. Shortly before Grousbeck’s decision was announced, ESPN’s Adrian Wojnarowski reported that the Celtics had signed guard Derrick White to a four-year, $125.9 million extension. An even richer new deal for Tatum — expected to make him the highest-paid player in NBA history — is expected in the coming weeks.

The Celtics are expected to be favorites for the NBA title again in 2024-25, but they are poised to incur significant luxury tax penalties next season. At this point, keeping a championship-caliber roster intact could become extremely costly. Grousbeck’s decision to sell means the financial burden will fall on the team’s new owner(s).