One of the most storied franchises in sports is about to be up for grabs.
In a statement released Monday, the Celtics, fresh off winning their NBA-record 18th championship, announced that their ownership group’s board of directors plans to sell a majority stake in the team in 2024 or early 2025.
“The controlling family of the ownership group, after careful consideration and internal discussions, have decided to sell the team, taking into account legacy and family planning considerations,” the statement said.
Wyck Grousbeck, founder of the investment group that bought the Celtics for $360 million in 2002, is expected to remain as the team’s NBA president until the sale is complete.
The balance of the shares expires in 2028.
Prior to this news, there had been no indication that the Worcester native was looking to move on, especially since he’s a lifelong Celtics fan.
“I feel like we still have a lot of work to do,” he told reporters at the Celtics’ victory parade after Boston beat the Dallas Mavericks in Game 5 of the NBA Finals on June 17.
“That means I have to design the rings with the guys and put the flag up in October. There’s still a lot of work to do, but I’ll get the team together for next year. But for now I’m just going to enjoy this.”
Grousbeck added: “We are the fans who bought into this team. We all feel the same way. Let’s get another team together.”
But the Boston Globe report X said, “This potential sale is not expected to include the entire investment group that purchased the team in 2002.”
Forbes projects the franchise will be worth $4.7 billion in 2023.
But it’s unclear whether Grousbeck’s stock will be the only purchase price for the team.
The 63-year-old was also part of the Celtics’ 2008 championship team that featured stars such as Paul Pierce, Kevin Garnett and Ray Allen.
The franchise could attract a lot of interest in controlling stock, especially with the Celtics looking to repeat as champions next year.
