Only two weeks after winning the NBA Finals for a record-setting 18th time, Boston Celtics ownership, led by Wyc Grousbeck, announced their plans to put the franchise up for sale, which prompted an outpour of questions.
Why so soon? Why after finding the roster capable of potentially sparking a dynasty? Why before retaining Jayson Tatum on a long-term contract extension? Grousbeck was in high spirits throughout Boston’s championship journey this season, giving Celtics president of basketball operations Brad Stevens the “green light” to do whatever it took to cross the finish line.
Now with no clear as daylight answers — yet — there’s nothing left to do but speculate, starting with who might pursue ownership of the Celtics next.
“Keep an eye on a casino/resort magnate pursuing Celtics ownership,” Sports Illustrated’s Chris Mannix published on X, hours after the news broke. “Grousbeck doesn’t own TD Garden, now one of the older in the NBA. A new majority owner may want to build a new arena. And when it comes to gambling, Massachusetts is open for business.”
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Grousbeck and partner Steve Pagliuca oversaw the franchise’s last purchase in 2002 for $360 million. Six years later, the Paul Pierce, Kevin Garnett and Ray Allen-led “Big Three” raised the team’s first banner since 1986 after defeating Kobe Bryant and the Los Angeles Lakers in the 2008 Finals. It took a long, patient rebuilding process, but the Celtics are back in a great position.
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The cost of joining (and retaining) talents such as Tatum, Brown, Kristaps Porzingis, Jrue Holiday and Derrick White comes with a very, very steep price. Before this past postseason, Brown was locked into a five-year, $286 million extension while Porzingis (two years, $60 million) and Holiday (four years, $135 million) were also paid. On Monday, with the confetti cleaned out and the franchise up for bid at TD Garden, the Celtics extended White (four years, $126 million) and Tatum (five years, $314 million) — an NBA record.
Boston was already well above the luxury tax bill before sitting at the negotiating table with White and Tatum, and the duo landing their respective paydays didn’t help the franchise’s financial cause. This could play a factor in whoever decides to cough up the presumably hefty dollar amount it’ll take to acquire ownership of the Celtics.
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“I am grateful and thankful for the 21-year partnership I have enjoyed with Wyc and Irv Grousbeck, the Epstein family, and all the incredible Celtics investment partners,” Pagliuca said, per Adam Himmelsbach of the Boston Globe. “It has been a remarkable run that resulted in two NBA Championships for the best and most passionate fans in professional basketball, capped off with an amazing duck boat parade last week in Boston. Along with the championships, we are most proud of the growth of our community impact efforts and the dedication of the investor group, coaches, players and staff to helping community members who are in need.”
The Celtics, again, remain well within contention to repeat as champions next season, which was made possible by the team’s current ownership group and its commitment to re-establishing the franchise’s winning tradition.
Featured image via Peter Casey/USA TODAY Sports Images
