CELTICS UP FOR SALE?!

https://bleacherreport.com/articles/10126828-report-boston-celtics-to-be-up-for-sale-following-2024-nba-championship-win

Funny, my son just called me about this two minutes ago. Well, I had been waiting for Pags to get out, he owns a soccer team in Italy that won a title too. Did not quite expect this. Striking while the iron is hot

Wyc is the one who appears to want out, not Pags necessarily.


This, in my opinion, is very unsettling. We know the quality of Wyc and his management team, we don't know who will be coming in to replace him at the top.

PLEASE, Lord, not another Paul Gaston.


Bob


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oh please God perish the thought. It says the majority group, isn't that Wyc's father????? plus Wyc??? Another move like Cuban? Although Cuban is still involved and wants to build a hotel/convention type center. So he wanted out to spend time on that supposedly. Wyc? who knows. I always thought the majority group would be Irving Grousbeck, Wyc, Steve and Bob Epstein. Come on KG put a group together and buy them!!!!!!!!

https://x.com/celtics/status/1807830025913213132/photo/1

Wyc Grousbeck Reacts to Possibility of Selling Boston Celtics
Wyc Grousbeck isn't tempted by the Boston Celtics' rising monetary value.
ERIC JAY SANTOSAUG 7, 2023 2:00 PM EDT
In this story:
Boston Celtics
BOSTON CELTICS
Boston Celtics owner Wyc Grousbeck purchased the franchise for $360 million in 2002. In addition to being a majority owner, Grousbeck serves as governor of the Celtics.

Over the past two decades, the value of NBA franchises has significantly increased. This week, Michael Jordan sold his stock in the Charlotte Hornets for roughly $3 billion.

Adam Himmelsbach of The Boston Globe asked Grousbeck about his long-term involvement with the Celtics.

"No thought of selling the team,” said Grousbeck. “I did this for love and for Celtic pride, not for any price tags. Period."

According to a 2022 report by Forbes, the Celtics' estimated value is approximately $4 billion, making them the fifth most valuable franchise in the NBA.

Next season, the Massachusetts native will be in pursuit of his second NBA championship. Boston’s anticipated lineup features Jayson Tatum, Jaylen Brown, and Kristaps Porzingis.

What a difference a year makes!!!!!!!!!!!!!

"Boston Basketball Partners L.L.C., the ownership group of the Boston Celtics, announced today its intention to sell all the shares of the team. The controlling family of the ownership group, after considerable thought and internal discussion, has decided to sell the team for estate and family planning considerations.

"The managing board of the ownership group expects to sell a majority interest in 2024 or early 2025, with the balance closing in 2028, and expects Wyc Grousbeck to remain as the Governor of the team until the second closing in 2028."

The franchise, which Forbes valued at $4.7 billion in 2023, was purchased by an investment group led by Grousbeck in 2002 for $360 million.


Bob
MY NOTE:  13X appreciation in 22 years.  That's 59%/year over 22 years.  A nice profit as well as two Championships.  Not bad.  Wyc will remain the Governor until 2028.  That's why he's signing the players to long-term contracts.  He's going to continue in a management position through the end of these contracts.

Please choose who you sell to well, Wyc.  For the sake of Celtic Planet, please choose well. The reason why you have two rings is because it wasn't all about money for you.


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Take them public and let the fans own it!!  We'd buy the crap out of it!!  Hello, dboss?  This is a margin call!!!

db

I guess I should not be surprised.

Boston Basketball Partners L.L.C. is a private equity firm.  They buy companies , grow them and then sell for a profit.   Think Bain Capitol.

I can appreciate the need for partners to address their own estate planning issues.  Here is a little story for you.

Around 1990 I worked for Prudential Insurance Company.  Joe Robbie owned the Miami Dolphins.  In 1990 he passed away and his family had to sell the team because he did not have a proper estate plan set up.  The standing joke around the office was that he could have address his estate planning needs for the cost of a 2nd string quarterback.   I will not get into the details about setting up an ILIT (Irrevocable Life Insurance Trust)  Think of it as a funding  mechanism to cover the cost of an estate tax.

We have had a great ownership group.  This is the right time for them to sell.  The value of this franchise continues has grown and can only be enhanced by winning the 18th title.

db  I could see a situation where the public could buy a piece of the Celtics.  Maybe 10%.  But my dream owner is a single person, super rich (billions and billions) enjoys the game of basketball and can easily generate enough interest from their Billions and Billions to cover salaries, tax penalties and other team expenses.

I also heard that a new arena is on the drawing board.

Worse case scenario...we end up with another John Y Brown who decides to swap franchises with the Detroit Pistons.

I just hope it doesn’t effect Tatum’s extension in any way. I hear Wyc is still in charge till 2028 , so hopefully not much will change in the near future.

Judging from how fast they signed White, my guess is that JT may have his extention before he goes to Paris

I think that tax penalties should be changed.

RosalieTCeltics wrote:Judging from how fast they signed White, my guess is that JT may have his extention before he goes to Paris

Rosalie,

From your mouth to God's ear.


Bob


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Adam Himmelsbach
@AdamHimmelsbach
Statement from Celtics co-owner Steve Pagliuca, who says he intends to be “a proud participant in the bidding process.”





Bob


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Well now Tatum is in!!!! Great news!!! I don’t see why any ownership group can’t keep this team together for the next 3-4 years. There will be a 2.5x increase in revenue from the new TV contract. The salary cap has to rise significantly from this stream of revenue.

I will give him ten bucks a week for the rest of my life to join in with him!!!!!!!!

I could be enticed to give a little more!!!!! It is good to hear Pags say he is sticking around. Really kind of shocked Wyc backing away.

dboss wrote:I guess I should not be surprised.

Boston Basketball Partners L.L.C. is a private equity firm.  They buy companies , grow them and then sell for a profit.   Think Bain Capitol.

I can appreciate the need for partners to address their own estate planning issues.  Here is a little story for you.

Around 1990 I worked for Prudential Insurance Company.  Joe Robbie owned the Miami Dolphins.  In 1990 he passed away and his family had to sell the team because he did not have a proper estate plan set up.  The standing joke around the office was that he could have address his estate planning needs for the cost of a 2nd string quarterback.   I will not get into the details about setting up an ILIT (Irrevocable Life Insurance Trust)  Think of it as a funding  mechanism to cover the cost of an estate tax.

We have had a great ownership group.  This is the right time for them to sell.  The value of this franchise continues has grown and can only be enhanced by winning the 18th title.  

db  I could see a situation where the public could buy a piece of the Celtics.  Maybe 10%.  But my dream owner is a single person, super rich (billions and billions) enjoys the game of basketball and can easily generate enough interest from their Billions and Billions to cover salaries, tax penalties and other team expenses.

I also heard that a new arena is on the drawing board.

Dboss, I remember when Art Modell moved the Cleveland Browns to Baltimore. He caught a lot of flack from the media, fans, and PR wise for the move. What many did not know was exactly what you just spoke about. Mr.  Modell’s incentive was NOT to have what happened to Joe Robbie happen to him. By relocating the team, with the cash windfall that came his way, he knew that upon his demise his heirs would most likely have to sell the team to reap any benefits. Thus, he moved the team, made a boatload of money and got his affairs in order for the sake of his survivors. He sold the Browns to Steve Bisciotti for approximately 600 million dollars and as part of the deal, the team was relocated to Baltimore.

The Celtics are a flagship franchise.

We should expect the next owner or ownership group to be well qualified.  Let's just hope and pray that the new top of the food chain does not dismantel what has been built.  What has been built is a masterpiece.

Good time to sell. Profitable franchise in a stable location, despite a draconian MA tax structure. Top of their league with the look of a long term competitive club, having locked in their core players. The timing couldn’t be better.

With the estate tax exemption scheduled to get cut in half in 2026, the current ownership group is certainly in the process of addressing potential issues now. I would expect the majority stakeholders are all significantly over the current exempt amount as it is. Having to leave a business interest to heirs who have neither the desire nor the knowledge to participate is a financial and emotional disaster. Wyc, Pags and company are being well advised, I’m sure.

I saw mention in another post about going public. The Celtics did go public for a time, back in 1986. You can still buy the old paper certificates if you’re looking for some wall decorations to frame. The only team currently owned by a publicly traded company is the Knicks.

Can't blame Wyc for selling now.  He's accomplished everything an owner and his fans could ask for.  


1.  He bought us when we sucked.
2.  He brought in Danny, who won us a Championship in 5 years, the first one in 22 years.
3.  He ran that squad until it was no longer feasible and then pulled the trigger to secure the future.
4.  He hung in there with the Js until they matured, despite a bunch of frustrating finishes.
5.  He earned his 2nd Championship ring by going big with Porzingis and Jrue.
6.  Signed the entire starting 5 to HUGE long-term contracts.
7.  Buy low, sell high.  The only way you can be higher than World Champion is to be a repeat Champion.

However, Wyc's father Irving Grousbeck, is 89 years old.  Irving is one of the ownership group.  They bought the franchise in 2002 for $360M and was recently had it valued at > $4B.  None of us are in this position (I think) but Irving Grousbeck's net worth is calculated at $1.8B.  That's dad's net worth, sonny boy Wyc is worth $400M himself.  Estate tax and other considerations are BiG issues when you are up in that thin air.

I'm sending as many happy thoughts towards Pags as I possibly can.  He is one of the current ownership group and, like Wyc, knows what it takes to win a Championship.  Pags is a known quantity, other owners may not be.  Wyc has set the next owners up by locking all our top players up with long-term contracts but after that?  We need someone who understands that it isn't all about short-term money and that fielding a competitive team costs money but winning a Championship elevates the value of the franchise and that's where you make your money.  Just ask the Grousbecks.  


Bob


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bobheckler wrote:Can't blame Wyc for selling now.  He's accomplished everything an owner and his fans could ask for.  


1.  He bought us when we sucked.
2.  He brought in Danny, who won us a Championship in 5 years, the first one in 22 years.
3.  He ran that squad until it was no longer feasible and then pulled the trigger to secure the future.
4.  He hung in there with the Js until they matured, despite a bunch of frustrating finishes.
5.  He earned his 2nd Championship ring by going big with Porzingis and Jrue.
6.  Signed the entire starting 5 to HUGE long-term contracts.
7.  Buy low, sell high.  The only way you can be higher than World Champion is to be a repeat Champion.

However, Wyc's father Irving Grousbeck, is 89 years old.  Irving is one of the ownership group.  They bought the franchise in 2002 for $360M and was recently had it valued at > $4B.  None of us are in this position (I think) but Irving Grousbeck's net worth is calculated at $1.8B.  That's dad's net worth, sonny boy Wyc is worth $400M himself.  Estate tax and other considerations are BiG issues when you are up in that thin air.

I'm sending as many happy thoughts towards Pags as I possibly can.  He is one of the current ownership group and, like Wyc, knows what it takes to win a Championship.  Pags is a known quantity, other owners may not be.  Wyc has set the next owners up by locking all our top players up with long-term contracts but after that?  We need someone who understands that it isn't all about short-term money and that fielding a competitive team costs money but winning a Championship elevates the value of the franchise and that's where you make your money.  Just ask the Grousbecks.  


Bob


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+1 Bob

Totally agree, can't blame the Grousbeck's for cashing out now. The franchise value is at an all time high. The owners and Brad have done a terrific job locking up all the key players. I am hoping, like everyone else, that Steve Pagliuca takes the reins. Wyc is still going to be the Governor till 2028. I think he will have a hand in decisions. 2025-26 is going to be a tough year luxury tax wise. The owners will either have to pay big luxury tax or trade someone. I am hoping whoever is making the decisions they keep this team intact for at least the next two seasons. The Celtics are a profitable team, so hopefully the owners will use some of the prior years profits to pay the luxury tax. In addition, the TV revenue stream will increase significantly starting in 2025-26. Easy for me to spend their money.