Our Early Edition crew react to the news that Wyc Grousbeck plans to sell his majority stake in the Celtics and discuss what comes next for the team.
On Monday, the Boston Celtics announced in a surprising statement that their ownership group intends to sell all of its shares of the team. The sale is expected to begin later this year or early 2025, with owner Wyc Grousbeck ending his term as governor when the sale closes in 2028.
Although Grousbeck plans to sell his stake in the organization, co-owner Steve Pagliuca hopes to stick around. In his own statement, released shortly after the Celtics' announcement, he said he will "be a proud participant in the bidding process."
Read Pagliuca's full statement below:
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"I am grateful and thankful for the 21-year partnership I have enjoyed with Wyc and Irv Grousbeck, the Epstein family, and all the incredible Celtics investment partners," Pagliuca wrote. "It has been a remarkable run that resulted in two NBA Championships for the best and most passionate fans in professional basketball, capped off with an amazing duck boat parade last week in Boston.
"Along with the championships, we are most proud of the growth of our community impact efforts and the dedication of the investor group, coaches, players and staff to helping community members who are in need.
"Being a co-investor and Managing Partner of the Celtics has been a great honor and a labor of love. I hope to be part of the Celtics moving forward and will be a proud participant in the bidding process that has been announced today."
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Grousbeck founded Boston Basketball Partners LLC, which includes his father Irv, Pagliuca, Robert Epstein, David Epstein, William P. Egan, and John Svenson. The group purchased the Celtics for $360 million in 2002.
The team is currently valued at $4.7 billion, according to Forbes. That makes it the fourth-most valuable team in the NBA behind the Golden State Warriors, New York Knicks, and Los Angeles Lakers.
