Before the confetti from the team’s championship celebration could even settle, news broke of the Boston Celtics going up for sale, Now, as they approach a new season, lead owner Wyc Grousbeck tells The Boston Globe’s Adam Himmelsbach that the sale process is about to get rolling.
“The sale process is gearing up and about to hit full speed,” Grousbeck said. “It took this long for our advisors to go through the financial and business data of the team and our whole management team, and spend enough time to put together offering books. Now they’re beginning to have discussions with interested parties and the bidding process will commence in the next month or so.”
Since the story first surfaced back in June, many fans have been curious as to who may be the next owner. It’s an important question, considering the impact that a good/bad owner can have on a franchise.
In addition to finding someone who is willing meet the asking price, Grousbeck and his team want to be sure that the franchise is in good hands going forward.
“Yes, my father [Irv] and I feel a responsibility and an honor to be able to find a great buyer for the team.”
Grousbeck is a prime example of this, falling on the “good” side. Since taking over in 2002, he and his team have shown a commitment to winning, even if it’s expensive. Boston has failed to make the postseason just three times with Wyc and Co. at the helm.
Photo by John Tlumacki/The Boston Globe via Getty Images
In addition, his ownership group allowed Brad Stevens to open the checkbook this summer to ensure that just about everyone from the Banner 18 squad got a new deal. It’s a decision that will cost the franchise a hefty tax bill down the line.
“We have never had a capital call in the history of the Celtics,” Grousbeck said of the looming tax penalties. “The owners just put in the money twenty years ago. It’s been self-sustaining ever since, and it will be self-sustaining going forward, with no demands for additional capital. The Celtics are a going concern [a profitable business] that is in excellent financial shape.
The way we run the Celtics business, and the way the fans and media partners and sponsors have supported us, enabled us to go forward confidently in the future without hitting any rocks in the water.”
Meanwhile, across town, the Red Sox have found themselves in a middling position for years. Fenway Sports Group remains hesitant to commit any extra cash to construct a championship-level roster and the die-hard fans are suffering because of it. Boston is currently watching the MLB Playoffs from the couch for the third straight year and for the fifth time in the last six.
We all still have to wait and see what comes of the bidding process and who winds up being the final buyer, but it’s refreshing to hear that Wyc has the team’s best interest in mind as he and his family move on.
