Sale Of Celtics Reportedly Due To Increasing Salary, Luxury Tax Obligations

The decision by the Grousbeck family to sell the Boston Celtics was initiated by Irving Grousbeck’s concerns over the franchise’s increasing payroll obligations, sources tell the New York Post.

Irving Grousbeck owns a controlling interest of approximately 20 percent of the Celtics, while Wyc Grousbeck is the franchise’s governor. Wyc Grousbeck owns approximately three precent of the franchise. 

The Celtics barely broke even during the 23-24 season when they won the NBA championship. Boston expects to lose approximately $80 million during the 24-25 season due to luxury tax fines, according to a source close to the sale process. That figure is expected to increase even further in 25-26.

“That’s what happens when dad puts in most of the money,” one of the sources said.

“Wyc says we’ll spend whatever it takes, but dad wasn’t into losing money,” another source said.

Wyc Grousbeck has maintained that the sale is for estate considerations and not related to financial losses. 

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September 15, 2024 | 11:30 pm