The Boston Celtics went all-in last season by making big splashes to acquire the likes of Jrue Holiday and Kristaps Porzingis, following that up with major contract extensions for their entire starting five. While their faith has paid off with the 2024 NBA Championship, the New York Post reports that the team's rising payroll is one of the major reasons why Irvin Grousbeck wants to sell the team . "Irving Grousbeck.
.. balked at funding big losses on the horizon from the massive contracts that helped the Celtics capture a record 18th NBA championship in June.
.. The team barely broke even last season during its championship run, sources said.
" "It is expected to lose roughly $80 million because of luxury tax fines for being over the salary cap for the upcoming season that tips off next month, a source close to the sale process said. That figure likely will rise significantly in the 2025-26 season when harsher salary cap fines kick in." Irving Grousbeck, the 90-year-old patriarch of the family, is engaged in a heavy disagreement with his son at the moment.
Wyc Grousbeck is the one aggressively re-signing the team's star players on massive contracts to maintain their winning core, something his father doesn't appreciate. The news of the Celtics being available for sale broke before big-money summer contract extensions were handed to Jayson Tatum , Derrick White, and Jrue Holiday. The Celtics payroll and luxury taxes are expected to come out to $262 million for just the 2024-25 se.