Majority proprietor Wyc Grousbeck of the Boston Celtics holds up the Larry OBrien Championship Trophy after Boston’s 106-88 win towards the Dallas Mavericks in Recreation 5 of the 2024 NBA Finals at TD Backyard on June 17, 2024 in Boston, Massachusetts. Adam Glanzman/Getty Photos/AFP
BOSTON — The possession group that controls the NBA champion Boston Celtics says it intends to promote all its shares of the workforce.
In a press release launched Monday, Boston Basketball Companions LLC stated it intends to promote nearly all of its shares in 2024 or early 2025. The steadiness of its shares would then shut in 2028.
Wyc Grousbeck, whose household leads the possession group, is predicted to stay the workforce’s NBA governor till the sale is full.
“The controlling household of the possession group, after appreciable thought and inside dialogue, has determined to promote the workforce for property and household planning issues,” the assertion stated.
The Celtics defeated the Dallas Mavericks within the NBA Finals final month to seize the franchise’s 18th championship.
READ: NBA: Celtics’ Brad Stevens expects solely roster tweaks in repeat bid
Boston Basketball Companions — led by enterprise capitalist Grousbeck, his father and investor H. Irving Grousbeck, together with enterprise capitalist Steve Pagliuca — bought the Celtics for $360 million from the Gaston household in 2002. The Gastons had owned the workforce since 1983.
One of many NBA’s authentic and storied manufacturers, the Celtics have been valued at $4.7 billion final 12 months by Forbes, inserting them behind solely the Golden State Warriors ($7.7 billion), New York Knicks ($6.6 billion) and Los Angeles Lakers ($6.4 billion).
The present possession group was in cost when the Celtics gained the NBA title in 2008.
READ: Boston salutes Celtics’ file 18th NBA championship with parade
In an e-mail to Celtics employees that was obtained by The Related Press, Wyc Grousbeck wrote they’re “dedicated to discovering a worthy incoming possession group who will information the Celtics to extra a long time of success.”
He added: “There can be a considerate and thorough course of to discover a purchaser that acknowledges the significance of Celtic Pleasure on the courtroom and in the neighborhood.”
Final 12 months, the Phoenix Suns have been bought by mortgage agency proprietor Mat Ishbia for $4 billion. That was adopted by the sale of the Milwaukee Bucks to Cleveland Browns house owners Jimmy and Dee Haslam for $3.5 billion. Final November, Mark Cuban agreed to the sale of nearly all of his Dallas Mavericks’ possession shares to Miriam Adelson and son-in-law Patrick Dumont, who operates the Las Vegas Sands on line casino firm, for $3.5 billion.
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