Wyc Grousbeck opens up on plan to sell Boston Celtics
BOSTON -- A few days after Wyc Grousbeck and the Celtics paraded through the streets of Boston as NBA champions, the franchise made the stunning announcement that Boston Basketball Partners LLC had decided to sell controlling ownership of the team.
Grousbeck, who led the charge to buy the Celtics back in 2002, spoke about the decision to sell for the first time on Monday during an appearance on CNBC's "Closing Bell." Grousbeck clarified that he himself is not the principal owner of Boston Basketball Partners L.L.C.'s stake of the Celtics, and that it's a family ownership.
"I want to clarify, it's not my majority stake," said Grousbeck. "The control of the team is owned by my family, so it's a family that I belong to and then I have the Celtics family I also belong to, so there's an intersection and there's an involvement. So the family has been involved for 22 years. There has been discussions and thoughts about estate planning and family planning."
Grousbeck sounded like an owner that wanted to host a few more parades after he got off his duck boat following Boston's 2024 victory parade. He reiterated Monday that he expects to remain Governor of the Celtics through 2028, with the sale of the team expected to be split into two parts.
"The expectation is to sell the time in two parts with 51 percent going fairly soon, 49 percent then closing in second closing. That's the expectation in 2028," explained Grousbeck. "I'm planning or expecting to stay on until 2028. We're going to hire bankers and advisers. This is going to be quite the bidding process."
Boston Basketball Partners L.L.C. bought the Celtics for $360 million in 2002, with the franchise now worth $5.12 billion, according to Sportico. Grousbeck as been the figurehead of the ownership group for the last 22 years, but the franchise is heading for a big change at the top.
"At some point after 22 and even 25, 26 years, you can find somebody else to come in with energy," said Grousbeck. "We're gonna try to find the right buyer."