{"id":71733,"date":"2024-07-01T21:00:20","date_gmt":"2024-07-01T21:00:20","guid":{"rendered":"http:\/\/guid_108000443"},"modified":"2024-07-01T21:00:20","modified_gmt":"2024-07-01T21:00:20","slug":"boston-celtics-majority-owner-puts-team-up-for-sale-weeks-after-nba-championship","status":"publish","type":"post","link":"https:\/\/wp.timesamerica.net\/boston-celtics-majority-owner-puts-team-up-for-sale-weeks-after-nba-championship\/","title":{"rendered":"Boston Celtics’ majority owner puts team up for sale weeks after NBA championship"},"content":{"rendered":"\n
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A “Believe in Boston” flag flies during the duck boat parade celebrating the Boston Celtics’ 18th NBA championship.<\/div>\n
Stan Grossfeld | Boston Globe | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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The 2024 National Basketball Association champions are up for sale.<\/p>\n

The Boston Celtics’ ownership group announced Monday that it plans to sell the team, according to a statement<\/span> posted to the Celtics’ account on social media site X.<\/p>\n

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The controlling family of the ownership group, Boston Basketball Partners LLC, said it intends to sell all of its shares in the team “for estate and family planning consideration.”<\/p>\n

The sale of a majority stake is expected to be completed by the end of 2024 or early 2025, with the remainder of the sale closing in 2028, according to the statement.<\/p>\n

As sports franchise valuations soar, the Celtics could fetch a particularly high price. The team is among the most successful and most widely followed in U.S. professional sports, and won its NBA record 18th championship last month.<\/p>\n

This, plus the soaring cost of sports media rights, will likely lead to a valuation close to \u2014 if not more than \u2014 the record $4 billion price tag the NBA’s Phoenix Suns received in 2023, sports consultants said Monday.<\/p>\n<\/div>\n

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    Wyc Grousbeck led a team of buyers to acquire the Celtics for $360 million in 2002. Grousbeck, a native of Massachusetts and lifelong Celtics fan, expects to remain governor of the team until the second closing in 2028.<\/p>\n

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    Grousbeck is also part of the ownership group<\/span> behind the tequila brand Cincoro, which includes other NBA team owners and Hall of Famer Michael Jordan.<\/p>\n

    Representatives for Grousbeck and the team did not immediately respond to CNBC’s requests for comment.<\/p>\n<\/div>\n

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    Jaylen Brown, #7 of the Boston Celtics, shoots a three-point basket against the Dallas Mavericks during Game 5 of the 2024 NBA Finals at TD Garden in Boston on June 17, 2024.<\/div>\n
    Nathaniel S. Butler | National Basketball Association | Getty Images<\/div>\n<\/div>\n<\/div>\n<\/div>\n

    Sports valuations, media rights climb<\/h2>\n
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    The Celtics became the latest NBA champions after beating the Dallas Mavericks in Game 5 of the Finals in June. It was the team’s second championship under Grousbeck’s ownership.<\/p>\n

    U.S. professional sports teams, especially those in the National Football League and NBA, have been garnering high valuations when owners sell a stake, if not the entirety of the team.<\/p>\n

    In 2023, the NBA’s Phoenix Suns and WNBA’s Phoenix Mercury were sold<\/span> to Mat Ishbia for a record valuation of $4 billion.<\/p>\n

    Meanwhile, the media rights for the leagues have never been more lucrative, as live sports beckon the biggest TV audiences.<\/p>\n

    Negotiations surrounding the NBA’s media rights are ongoing<\/span> with an announcement expected soon. Comcast<\/span>