New Update On Celtics Sale Process As Team Seeks Qualified Buyers
Sign In
&&&&&&&&&&&&
The Boston Celtics barely got a breather from winning their franchise's 18th NBA Finals before ownership announced its intentions to sell the team, meaning Wyc Grousbeck would no longer lead the organization's higher powers.
Confetti hadn’t been dusted off the city's streets, and Jayson Tatum, Jrue Holiday and Derrick White hadn't fled to Paris to join USA Basketball in the 2024 Summer Olympic Games. Now with four days left until the preseason commences for the reigning champions in Abu Dhabi, JPMorgan and BDT & MSD banks, responsible for facilitating the upcoming sale, will start reaching out to a small group of potential buyers who can be control buyers as soon as this week, a source told NESN.com.
It's been three months since the initial sale announcement went public, and not much has changed within the team itself -- at all.
Grousbeck, the co-leader -- alongside Steve Pagliuca -- of the team's last sale for $360 million in 2002, rejected previously reported theories claiming a family feud regarding Boston's payroll propelled the sale. The Celtics spent (well) over $600 million this offseason retaining as much of their championship core as possible, which Grousbeck made clear was the mission moments after Boston's Game 5 clincher over the Dallas Mavericks. Of course, that could complicate the sale process of a team worth over $5 billion, according to Sportico, as Boston's title window remains wide open.
"There's not much that (the front office) is doing," Celtics president of basketball operations Brad Stevens said during media day at Auerbach Center. "Obviously, it's out of our hands. As I've said before, I'm super thankful to Wyc and Irv (Grousbeck) and their family for everything they've done for us throughout this entire tenure, and our great investor group that we have. We've had really good leadership around here and they've basically said, 'Hey obviously we've put a team together. This has been a long-term plan, to be where we are right now.' Plans don't always go the way you want them to. This one, so far, has been pretty smooth but there will always be challenges that come along with that. The way that they've phrased it to me from the standpoint of since the sale was announced was we just need to keep doing what we're doing, and business as usual and do what you can to build the best team that we can and we'll see what happens from there."
How Celtics Feel About Upcoming Sale, Wyc Grousbeck’s Departure
Sep 25, 2024
That message Stevens revealed was relayed from ownership has made itself abundantly apparent in the way the Celtics have worked to strengthen their title chances beyond pulling the obvious strings.
Sure, the front office re-signed Tatum to the largest contract, ever, in league history at $315 million, and also retained White for $125 million and off-the-bench sharpshooter Sam Hauser on a $45 million contract. Yet, bringing the band back together wasn't the final destination in Boston's blueprint. Stevens and company worked tirelessly in welcoming draft prospects -- Baylor Scheierman and Anton Watson -- with the potential to mold into serviceable contributors in the near future -- which also wasn't the end. The Celtics, too, signed guard Lonnie Walker IV to an Exhibit 10 contract, rolling a low-risk, high-reward dice by snagging a proven veteran left up for the taking in free agency.
Although aware of the financial complications added to keeping together the league's most expensive starting lineup, Stevens made clear that ownership never reached out its hand to turn off the green light in improving the roster.
"As far as signing or adding to this year's payroll, there's really not much we can do," Stevens said three months ago at Boston's post-draft media availability. "It's gonna be basically minimum-level contracts or those levels and even if we were to make a trade, we can't take more in, right? That's just the way the new rules work. So you kind of know where you're going to be for this year as currently constructed and yeah we have the green light to do that and we're just gonna be as good as we can be again."
In terms of the team itself, Grousbeck has done everything in his power to keep the train running at full speed, even with the looming uncertainty of who will take over the reins next for the Celtics. The small group of "qualified buyers" with an already considerable expressed level of interest in purchasing the franchise, will undergo a first round outreach process. Jordan Park -- the Grousbeck family's financial advisor -- will also engage with potential buyers, the source said.
"I think for me I try to control what I can control and that's coming in here every day trying to reach that ultimate goal, which is winning another championship," Jrue Holiday, who signed a $135 million extension in April, said at media day. "I guess, best of luck to Wyc. I don't really know what to tell him. But I think for the most part we try to come in here every day and take care of business and we'll try to continue to do that."
More NBA:
Celtics Role Player Expected To Play ‘Integral’ Part This Season
Welcome to Billionaire Club Co LLC, your gateway to a brand-new social media experience! Sign up today and dive into over 10,000 fresh daily articles and videos curated just for your enjoyment. Enjoy the ad free experience, unlimited content interactions, and get that coveted blue check verification—all for just $1 a month!
Account Frozen
Your account is frozen. You can still view content but cannot interact with it.
Please go to your settings to update your account status.
Open Profile Settings