Breaking News: Boston Celtics Sale Process Advances as the Team Targets Reputable Buyers.
The Boston Celtics had barely celebrated their 18th NBA championship win when team ownership announced plans to sell the franchise, signaling the end of Wyc Grousbeck’s leadership. Just days before the preseason starts in Abu Dhabi, JPMorgan and BDT & MSD banks are preparing to approach a select group of potential buyers this week, according to a source.
Since the sale announcement three months ago, not much has changed within the team. Grousbeck, who co-led the purchase of the Celtics in 2002 for $360 million, dismissed rumors that the sale was due to internal conflicts about the team’s payroll. The Celtics spent over $600 million this offseason to retain key players, demonstrating a commitment to keeping their championship window open. The team is now valued at over $5 billion, which could affect the sale process.
Celtics President Brad Stevens emphasized that the front office is continuing business as usual, focused on building the best possible team. The ownership has consistently supported their efforts, even with the impending sale.
The Celtics recently re-signed Jayson Tatum to a record-breaking $315 million contract, retained Derrick White for $125 million, and secured other key players. They’ve also brought in new talent, like Baylor Scheierman and Anton Watson, as well as veteran guard Lonnie Walker IV on an Exhibit 10 contract. Despite financial constraints, Stevens clarified that ownership has not imposed any restrictions on improving the roster.
While the future ownership remains uncertain, Grousbeck has done everything possible to ensure the team remains competitive. The next steps in the sale process will involve a small group of qualified buyers, and Jordan Park, the Grousbeck family’s financial advisor, will assist in the outreach.
Jrue Holiday, who recently signed a $135 million extension, echoed the team’s commitment to staying focused on winning another championship amidst the uncertainty.
