The Boston Celtics’ ownership group pushed to sell the team last month after buying the franchise for $360 million over 22 years ago. Boston’s lead governor and majority owner Wes Grousbeck founded and led the group, Boston Basketball Partners LLC, that purchased the Celtics in 2002.
Stephen Pagliuca, co-chair of Bain Capital, owns about 20 percent of the Boston Celtics and could purchase control
According to Mike Vorkunov of The Athletic, an online data room opened for potential investors, after vetting by JP Morgan & Chase and BDT & MSD Partners, the two financial firms advising on the sale.
Stephen Pagliuca currently owns about 20 percent of the Celtics. The private equity investor has already expressed interest in buying the franchise. He remains one of the favorites to form a potential new ownership group to purchase control.
The sale is likely to be completed early next year, sources familiar with the matter informed Vorkunov.
During the summer, Pagliuca also said that he hopes “to be part of the Celtics moving forward” and will be a “proud participant in the bidding process.”
Pagliuca bought James Pallotta’s 8 percent share of the team in 2020 at an estimated $2.8 billion valuation, according to Sportico. The Celtics were valued at $4.7 billion by Forbes in October 2023.
There had been reports in recent years that Fenway Sports Group was wanting to purchase an NBA franchise. It owns Liverpool FC of the Premier League, the NHL’s Penguins, and NASCAR’s Roush Fenway Keselowski Racing.
Wes Grousbeck and his father, Irv, own roughly 30 percent of the NBA franchise
Additionally, Grousbeck and his father, Irv, own approximately 30 percent of the NBA franchise. This is according to ESPN’s sources, who were briefed on the Celtics ownership structure.
Wyc Grousbeck owns about 2 percent, those sources told Vorkunov. In July, Grousbeck said in a statement that he intends to sell his stake for “family and estate-planning considerations.”
Since Irv Grousbeck is 90, and Wyc Grousbeck, 63, has multiple siblings, they can bring minority shareholders along in the sale. However, they still have their own rights when and if a sale is finalized.
“It’s a really complicated agreement,” one of the people briefed on the Celtics ownership structure told Vorkunov.
Furthermore, Grousbeck said he wants to sell the majority stake by the winter of 2025. He is also expected to remain the team’s governor until the second closing of the sale in 2028.
The Celtics sale could break the record for the largest sale in North American sports history. In fact, the 2023 sale of the Washington Commanders set the record at $6.05 billion.
