As you may have heard, the Boston Basketball Partners L.L.C. announced their intention to sell the Boston Celtics. Based on various reports and statements from the team, it sounds like Wyc Grousbeck and his family are looking to cash in on their investment. Back in 2002 the ownership group purchased the team for $360 million and now it is valued at close to $5 billion and could conceivably be sold for much more than that.
That makes sense. Fabulously rich people like to cash in on their huge investments when they return profits that make them even more fabulously rich. Nobody will begrudge them that, especially when this ownership group delivered 2 championships, spent when it made sense to spend, and generally made good decisions and employed good, smart people.
But what does all of this mean to the fans? I’m going to try to do this FAQ style.
Why are they selling now?
You could make the argument that the team could have been sold at any point in the last 5 years and the return would likely be around the same amount (what’s a billion or so between friends?). You could also make a convincing case that the team’s value could keep going up over the next few years with the influx of money coming from the new TV deals.
I don’t walk in the circles that Wyc and company do, so I can only guess at their motivations. The most obvious one is perhaps the most endearing one. After years of trying to hang Banner 18, the team finally reached their goal. It just feels good to go out on top.
The more cynical reason might have to do with the CBA (with increased taxes and aprons and other scary sounding contractual nerdery). The Celtics won the title, paid all their players (as one should), and they’ll be punished for years for it. Why not let someone else pay those bills? More on this later.
Regardless, they announced that they intend to sell sometime near the end of 2024 or early 2025. Wyc Grousbeck also announced that he’ll remain the NBA Governor for the team until 2028. That sounds great, but it really isn’t entirely up to him. When the new owners are writing the checks, they decide who’s in charge (just ask Mark Cuban). Which brings us to…
Photo by Danielle Parhizkaran/The Boston Globe via Getty Images
Who’s going to buy the team?
One of the biggest advantages a team can have is competent ownership. Or said differently, the hardest thing to overcome is bad ownership (ask any football fan in the DC area). The Red Sox owners have gone from wildly popular to very unpopular in a very short period of time.
So it makes sense that fans are a little nervous about this huge unknown factor. We have a good thing going now, but what’s coming next?
The potentially positive news is that Steve Pagliuca has already announced his intention to bid for the team. Apparently back in 2017 Pagliuca made a serious bid to purchase the Brooklyn Nets but decided to invest more in the Celtics instead. Perhaps he was reading tea leaves and knew that something like this was coming.
Just like Pags was part of Wyc’s team, chances are that Pags is going to need a few more deep pocketed friends to come along for the ride.
Legalized gambling is flooding the market with money and someone from that community could get involved in a big way. There’s a chance that they decide to build a new facility (perhaps near a casino).
Yes, there’s also a chance that John Henry or Bob Kraft could get involved. Local TV deals (Henry owns a majority stake in NESN) could have an impact on the discussions as well. As you can see, it is very complicated. I will point out that it doesn’t necessarily boil down to the highest bidder though. The NBA has a say in who owns one of their most storied franchises. Wyc and the owners will want the team going to someone who will take good care of the team they spent so much time and effort developing.
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Photo by Brian Babineau/NBAE via Getty Images
How long will this title core stay together?
Ok enough about the billionaires. Tell us more about the millionaires who make buckets.
The short term is all sunshine and rainbows. The core of the best team all the NBA is back for another run. The best players on the team are locked up long term and are just entering their prime years. No matter what else happens in free agency, the Celtics will head into next season as the favorites to win it again.
You could just stop reading there and be very happy. I mean, who knows where we’ll be as a society 2-3 years from now. We got Banner 18 and have a great shot at 19 or even 20. If you told me we could get a couple of titles before an asteroid hits in 2028 and destroys us all, I’d still have a big grin on my face as the sky darkens overhead.
However, if we’re all still here in a few years, someone is going to have some very difficult decisions to make. Even after Al Horford gets his number retired and rides off into the sunset, the tax bill is going to be astronomical. The 2nd apron restrictions will make it hard for Brad Stevens to fill in the gaps and replace productive players.
I’m not going to waste time and brain cells trying to guess who would be first to go. Injuries could force a change. Disappointing results could prompt moves. Or maybe the new owners will simply be content to keep writing checks to keep the party going as long as possible. The point is, nobody knows. So try not to worry about things outside your control (yes, I recognize the irony of writing that on a blog where I obsess about a team that I have no role in).
So Wyc is cashing in his chips after winning a 2nd championship. Good for him. Let’s hope that the new owners take a few cues from him. After all, hope is what we’re all to willing to keep buying.
