While the defending champion Celtics are off to a great start to the season , there is another subplot in the background of the year. The C’s are up for sale , as announced this summer, and some form of deal is expected to be completed during the 2024-25 season. Potential buyers have been rumored for weeks and months now with the team moving forward with the sales process.
One expected name to be firmly in the mix is current Celtics minority owner Steve Pagliuca. But according to the New York Post , there might be a caveat: Pagliuca is looking to potentially buy the team at a discount. Pagliuca owns about 20% of the Celtics, per the Post, and he’s reportedly contacted other minority shareholders, who own about 30%, to fall in line with him in the bid process.
If he can get those commitments, the Post reports through a source that "it would give him leverage over any deep-pocketed buyers who may jump in as the bidding process tips off." Pagliuca has hired banks Allen & Co. and Raine Group to help with the sale.
The Celtics are expected to be worth around $6 billion in any sale. But if Pagliuca is the only viable bidder, the Post says he could drive the sale down to $5 billion instead. There are plenty of moving parts here still, though the betting process has started within the past weeks.
The team hired banks JP Morgan and BDT & MSD Partners to oversee the sale; the banks have already started to reach out to potential buyers. Other names have been rumored to be interested.
