Celtics insider Chris Forsberg reacts to comments Wyc Grousbeck made on CNBC about selling stake in the Celtics, and the upcoming bidding process.
The Boston Celtics stunningly announced last week that their ownership group led by Wyc Grousbeck, Boston Basketball Partners LLC, planned to sell all its shares of the team.
The news surprised many, including Celtics superstar Jayson Tatum. With Boston coming off a dominant season topped off with an NBA championship, a team sale wasn't exactly top of mind.
The Celtics' press release stated that the sale is expected to begin later this year or in early 2025, with Grousbeck ending his term as governor when the sale closes in 2028. On Monday, Grousbeck clarified important details of the sale during an interview with CNBC.
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“I want to just clarify that it’s not my majority stake in the franchise,” Grousbeck said. “The control of the team is owned by my family. It’s a family that I belong to. Then, I have the Celtics family that I also belong to. There’s an intersection and there’s an involvement. The family has been involved 22 years. There’s been discussions and thoughts about estate planning and family planning.
"The expectation is to sell the team in two parts, 51 percent going fairly soon, 49 percent then closing in a second closing in 2028. I'm planning or expecting to stay on until '28, and we're going to hire bankers and advisors. This is going to be quite a bidding process."
Shortly after the Celtics' announcement, co-owner Steve Pagliuca shared his intention to be involved in the bidding process. Grousbeck wouldn't comment on any potential buyers, but he underscored the respect he has for Pagliuca.
“Steve has been a terrific lead partner, lead co-owner in many ways,” he added. “Brought Danny Ainge to the table back in the day when we were looking for a general manager. Steve has been great and is a great person and we welcome him for sure in the bidding process.”
NBC Sports Boston's Chris Forsberg, reporting from Las Vegas where Tatum and Jrue Holiday are representing the C's on Team USA, shared the players' perspectives on the sale.
"I just went to Tatum, who was coming off the court here," Forsberg said on Monday's Early Edition. "I just said, 'What have they told you guys? How are you feeling about this process?' And from a player's standpoint, they are very comfortable that at least in the immediate future nothing is going to change. That it'll be business as usual, that they're still committed to putting a championship product on the floor. It doesn't seem like there's any concern on that side of it."
As for how the bidding process will play out, that remains a mystery outside of Pagliuca.
"We know Steve Pagliuca is certainly interested. I think from a fan perspective, you're hopeful that there is some common thread to what has been there and it would be he's the most digestible new owner in terms of you know he's invested in the product," Forsberg said. "I just don't know about the financial side of it. ...
"We'll know more in the coming weeks as bidders start to jump in, and I'll be very intrigued to see how it all plays out. You've already heard Pagliuca say he wants to be in this process and I'll be interested to see just how much the bidding goes up as others start to join the fray."
The Celtics' impending sale hasn't stopped the front office from getting deals done this offseason. All of the team's free agents have been re-signed except Oshae Brissett and Svi Mykhailiuk, plus Tatum and Derrick White were signed to lucrative contract extensions. Boston is ready to run it back in 2024-25.
