The Boston Celtics, the most successful franchise in the NBA in terms of championships, is hitting the market. Boston Basketball Partners LLC, the ownership group behind the Celtics, announced its intention to sell the team in a statement released on Monday.
“The controlling family of the ownership group, after considerable thought and internal discussion, has decided to sell the team for estate and family planning considerations,” it said in the statement.
Boston Basketball Partners intends to sell the majority stake by the end of 2024 or in 2025. The process is expected to be completed by 2028, with Wyc Grousbeck, who currently serves as the Celtics’ governor, keeping his position until then.
The news comes as a surprise, considering that the Celtics just won an NBA title, the franchise’s first since 2008. They now have the most championships in NBA history with 18.
On the other hand, the value of sports franchises has skyrocketed in recent years, and it is possible that Grousbeck and his partners decided it was the right time to cash in. Additionally, the cost of keeping the Celtics’ core is just going to become pricier with new CBA rules and luxury tax.
Grousbeck, who is a lifelong Celtics fan, helmed an ownership group that purchased the franchise for $360 million in 2002. According to Forbes, the Celtics are estimated to be worth $4.7 billion, although some analysts predict the team could sell for more than $5 billion.