:format(webp)/cdn.vox-cdn.com/uploads/chorus_image/image/73438376/usa_today_23606704.0.jpg)
The Boston Celtics, their fans and ownership are on the top of the world after winning the franchise’s record 18th NBA Championship in June.
So has that led ownership to decide now is the perfect time to cash out? That certainly appears to be the case as Boston Basketball Parners LLC, led by Wyc Grousbeck, announced plans to put the team up for sale.
A statement from the Boston Celtics pic.twitter.com/DqArzkGnR5
— Boston Celtics (@celtics) July 1, 2024
Given that the current ownership group paid $360 million for the franchise in 2002 and it was most recently valued by Forbes at $4.7 billion, one could understand why the Boston Basketball Partners LLC would decide now is the time to move on. After all, Dallas Mavericks owner Mark Cuban also recently sold his team seemingly out of nowhere for a tidy $3.5 billion, not to mention Mat Ishbia’s purchase of the Phoenix Suns for $4 billion.
Sports Illustrated’s Chris Mannix has a theory on why some of these longtime owners who had been fan favorites might be looking to get out just as the league prepares to sign lucrative new media contracts with entities expected to include ESPN, NBC/Comcast and Amazon.
Some owners have become very wary of what local TV deals could look like in the years ahead. RSN’s are embattled and while the new national deal will be big, future local deals may not. Cuban, Grousbeck may see now as the time to get out while the gettin’ is good.
— Chris Mannix (@SIChrisMannix) July 1, 2024
One other interesting aspect of the sale to keep in mind is the potential for a tiered sale. The release from the Celtis notes that it is expected that the team “expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as the Governor of the team until the second closing in 2028.” The aforementioned Mannix points out that segment of the sale announcement harkens to the ongoing saga of the sale of the Minnesota Timberwolves, which is currently mired in litigation between current owner Glen Taylor and prospective buyers Alex Rodriguez and Marc Lore. Which is a topic Pablo Torre is very familiar with.
The last time a tiered sale (“step transaction”) happened in the NBA: the enormous mess that was (and is!) Glen Taylor selling the Timberwolves to Alex Rodriguez and Marc Lore.
— Pablo Torre ️ (@PabloTorre) July 1, 2024
After which Adam Silver basically said the NBA wouldn’t be doing this kind of gradual sale… https://t.co/jPQmrkz3QY
So, Celtics fans if you want to hear more about how this previous example of a tiered transaction has — or more importantly, has not — worked out, check out the below episode of Pablo Torre Finds Out. Meanwhile, let the bidding war begin for one of the most storied franchises in professional sports!
SHOW BREAKDOWN
How the Billion-Dollar War to Own the Timberwolves Went Nuclear
- On the court, the Minnesota Timberwolves are making an astounding NBA Finals run, as Anthony Edwards becomes the next Michael Jordan before our very eyes. Behind closed doors, though, the sale of this skyrocketing franchise has devolved into civil war, as would-be owners Alex Rodriguez and Marc Lore get betrayed by a “bumbling” and “diabolical” 83-year-old incumbent. Pablo’s month-long investigation gives a rare glimpse at a soap opera within the most exclusive club of American life — one that is equal parts Game of Thrones, Succession and Fargo... and straight-up torture for Wolves super-fan Zach Harper.
VIDEO:
Check out the Pablo Torre Finds Out YouTube page for more and subscribe to the show on Apple Podcasts, Spotify or wherever you get your podcasts. You can also follow the show on X at @pablofindsout and Pablo at @pablotorre.
The Crown Is Yours: Sign up for DraftKings and experience the ultimate host for games and betting experiences!