The Boston Celtics’ ownership group has announced plans to sell the team, as confirmed in a statement posted on the Celtics’ social media account. Boston Basketball Partners LLC, the controlling family of the ownership group, intends to sell all its shares in the team for estate and family planning purposes.
The majority stake sale is expected to conclude by late 2024 or early 2025, with the remaining shares set to be sold by 2028, according to the statement. Given the current climate of soaring sports franchise valuations, the Celtics are likely to command a particularly high price. The team, one of the most successful and popular in U.S. professional sports, secured its record 18th NBA championship last month.
The escalating cost of sports media rights will likely contribute to a valuation approaching, if not exceeding, the record $4 billion that the NBA’s Phoenix Suns garnered in 2023. Wyc Grousbeck, who led the group that acquired the Celtics for $360 million in 2002, plans to remain the team’s governor until the final transaction in 2028. A Massachusetts native and lifelong Celtics fan, Grousbeck is also part of the ownership group behind the tequila brand Cincoro, which includes other NBA team owners and Hall of Famer Michael Jordan.
The Celtics became the latest NBA champions after defeating the Dallas Mavericks in Game 5 of the Finals in June, marking their second championship under Grousbeck’s ownership. U.S. professional sports teams, particularly in the NFL and NBA, have seen high valuations in recent sales of ownership stakes or entire teams.
In 2023, the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury were sold to Mat Ishbia for a record $4 billion. The media rights for leagues like the NBA have never been more valuable, attracting the largest TV audiences. Negotiations for the NBA’s media rights are ongoing, with an announcement expected soon. Comcast’s NBCUniversal is expected to pay $2.5 billion per year, with Disney’s ESPN and Amazon’s Prime Video also among the bidders.
As the market for sports franchises continues to boom, the Celtics’ sale could set a new benchmark, reflecting both the team’s storied history and the lucrative nature of live sports media rights.
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