Celtics’ Sale Unlikely To Be Completed Until Early 2025

A sale of the Boston Celtics is likely to be completed early in 2025, according to a source. The Celtics were put up for sale in July and the process has ramped up in recent weeks.

Stephen Pagliuca is considered one of the frontrunners to purchase the franchise. Pagliuca already owns 20 percent of the Celtics.

“It could be that we’re hitting a tipping point a bit,” one investor said. “Most owners that have been in for a while in any of the sports leagues are sort of asset rich and cash poor. Most of the long-term standing owners, I think, if you ask them, I think in their wildest dreams, they could never have imagined that these teams would become these mini Disneys as I call them, or these phenomenal entities that have tremendous economic capacity.”

The Celtics will be the ninth NBA team to have its controlling ownership change hands since 2019. Forbes values the Celtics at $6 billion, while Sportico gives the team a $5.12 billion valuation. One NBA owner believes the Celtics could sell for close to $6 billion, while one sports banker predicted a $5.5 billion sale. The investor believes it will go for $4.75 billion.

Wyc Grousbeck is the team’s lead governor, but he only owns about two percent. He and his father, Irv, own roughly 30 percent of the franchise.

“It’s a really complicated agreement,” said one of the people briefed on the Celtics ownership structure.

Go to Source
Author:
November 6, 2024 | 12:30 pm