When Wyc Grousbeck put the Boston Celtics up for sale this summer, it was just days after Boston won its 18th NBA championship, and Grousbeck was riding high. His surprise decision to make the franchise available for sale may be less surprising because it is in line with many of Grousbeck’s peers around the league. There might be no better time to be an NBA owner than right now.
As revenue grows and team valuations skyrocket, several have decided to cash out, taking large returns on investments made long ago. Advertisement The Celtics’ ownership group is set to find out how big theirs will be after buying the franchise for $360 million over 22 years ago . The efforts to sell the team kicked off last month.
An online data room opened for potential investors, according to two sources briefed on the matter, after vetting by JP Morgan & Chase and BDT & MSD Partners, the two financial firms advising on the sale. Stephen Pagliuca, who currently owns about 20 percent of the franchise, has already expressed interest and could be one of the front-runners to put a group together to purchase control. At this point, the sale is likely to be completed early next year, according to one person familiar with the process.
When complete, the Celtics will continue a trend across the league. The NBA has seen more turnover at the ownership level than any other major professional sports league in recent years. The Celtics will be the ninth NBA team to have its controlling ownership change hand.