The Boston Celtics have long been considered one of the most iconic franchises in professional sports, with a rich history that includes a record 18 NBA titles. The team was purchased in 2002 by Wyc Grousbeck and Steve Pagliuca for $360 million, and since then, the franchise’s value has skyrocketed.
Under the leadership of the Grousbeck-led ownership group, the Celtics have been consistently successful on the court. They have won two championships, including a recent victory in the NBA Finals over the Dallas Mavericks. The team has also made multiple appearances in the NBA Finals and has been among the league’s best in terms of regular-season and playoff victories.
In a surprising announcement on Monday, the Celtics revealed that they plan to sell a “majority interest” in the team either this year or early next year. This decision comes at a time when the value of professional sports franchises is at an all-time high, with recent sales of other teams reaching billions of dollars. Despite the sale, Wyc Grousbeck is expected to remain as the Governor of the team until 2028.
Despite the impending sale, the Celtics are already making moves to secure the future of the team on the court. They have agreed to a four-year, $125.9 million extension with Derrick White and are expected to sign Jayson Tatum to a five-year, $314 million extension. This contract would be the largest in NBA history, showcasing the team’s commitment to locking in their core players for the long term.
While the decision to sell a majority interest in the Boston Celtics may come as a surprise to fans, it is a strategic move that reflects the current landscape of professional sports ownership. The team’s impressive on-court success and financial commitments to key players demonstrate their dedication to remaining a competitive force in the NBA. As the sale process unfolds, it will be interesting to see how the future ownership structure impacts the team’s continued success.
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